Magnora ASA

Legal Proceedings Report • Oct 9, 2017

SEVAN MARINE Oslo District Court verdict regarding Logitel Bond Loan

SEVAN MARINE Oslo District Court verdict regarding Logitel Bond Loan

The Oslo District Court has ruled against Sevan Marine ASA's

subsidiary Sevan Holding V AS in relation to the USD 60

million loan granted to Logitel Offshore Pte Ltd. Sevan

Marine ASA is considering appealing the decision. The

deadline for appeal is in 1 month.

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Sevan Marine ASA is specializing in design, engineering and

project execution of floating units for offshore

applications, based on its cylindrical floater technology.

Sevan Marine ASA is listed on 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.