Magnora ASA

Remuneration Information • Mar 2, 2018

Sevan Marine ASA - Share Option Program

Sevan Marine ASA - Share Option Program

On the basis of the approval by the Annual General Meeting of May 24, 2017 to authorize the Board of Sevan Marine to issue new shares to employees under a long-term incentive program, the Board has resolved to issue options to employees of the Company.

A total of 943,505 options for shares of the Company were distributed amongst the management and all employees. Each option, when exercised, will give the right to acquire one share in the Company. The options are granted without consideration. Pursuant to the vesting schedule, 1/3 of the options will vest 12 months after the day of grant (as long as the option holder is still employed). Thereafter, 1/3 of the remaining options will vest each year as long as the option holder is still employed. The exercise price is equal NOK 10 per share. The options that have not been exercised will lapse 5 years after the date of grant.

Primary insiders in Sevan Marine ASA have received the following options grants, according to the terms described above:

CEO / CFO, Reese McNeel has been granted 145,424 share options. Following the grant, he holds 22,300 shares and 145,424 options in the Company.

Head of Operations and Projects, Alf-Roger Skikstein has been granted 58,403 share options. Following the grant, he holds 58,403 options in the Company.

Head of Engineering and Technology, Otto Skjåstad has been granted 53,533 share options. Following the grant, he holds 53,533 options in the Company.

Head of Business Development, Knut Bredahl has been granted 41,576 share options. Following the grant, he holds 1,184 shares and 41,576 options in the Company.

Head of Accounting and Controlling, Cecilie Wiese-Hansen has been granted 33,779 share options. Following the grant, she holds 33,779 options in the Company.

Accounting Manager, Line Madsen Reinfjord has been granted 19,437 share options. Following the grant, she holds 19,437 options in the Company.

Sevan Marine ASA is specializing in the design, engineering and project execution of floating units for offshore applications. 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.