Magnora ASA

Legal Proceedings Report • May 4, 2018

SEVAN MARINE - ØKOKRIM concludes Brazil investigation and dismisses case

SEVAN MARINE - ØKOKRIM concludes Brazil investigation and dismisses case

Sevan Marine refers to earlier stock exchange notices regarding the investigation into potential corruption involving contracts awarded to Sevan Marine in the period 2005 to 2008 in Brazil.

In June 2015, the board of Sevan Marine ordered an independent corporate investigation into potential irregularities. The investigation report was turned over to the Norwegian authority for investigation and prosecution of economic and environmental crime ("ØKOKRIM") in October 2015. Sevan Marine has at no stage been charged and has fully cooperated with ØKOKRIM.

Sevan Marine has been informed that ØKOKRIM has concluded its investigation and dismissed the case.

"We are very pleased with this decision. Although Sevan Marine was never charged, the investigation has impacted on our development. We can now put this behind us and focus on the future." says Reese McNeel, CEO of Sevan Marine ASA.

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Sevan Marine is a technology, design and engineering company. The company is developing, designing and delivering cost effective offshore solutions based on its unique cylindrical hull design and the HiLoad LNG offloading and regas technologies. Sevan Marine ASA is listed on the Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

For more information please contact:

Reese McNeel, CEO, Sevan Marine ASA

reese.mcneel@sevanmarine.com

+47 415 08 186

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.