Magnora ASA

SEVAN MARINE Settlement in Logitel Arbitration

Sevan Marine ASA has entered into a settlement agreement

with Logitel Offshore Pte. Ltd and Teekay Offshore Partners

LP with respect to the disputed Fourpartite Agreement which

was the subject of an ongoing arbitration process.

Logitel Offshore Pte. Ltd and Teekay Offshore Partners LP

will pay Sevan Marine ASA USD 4.5 million (NOK 35 million)

as full and final settlement of the arbitration dispute.

Payment is expected in the coming days.

"Receiving USD 4.5 million in cash and being able to put yet

another legacy issue behind us is a very positive

development" said Sevan Marine's CEO Reese McNeel.

The settlement will lead to an approximate NOK 12 million

accounting loss for Sevan Marine ASA in Q3 2017.

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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

+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.

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