Magnora ASA

Delisting Announcement • Jun 13, 2017

Sevan Marine sells its shares in KANFA AS to Technip Norge AS

Sevan Marine sells its shares in KANFA AS to Technip Norge AS

With reference to Sevan Marine's fourth quarter report

issued 21 February 2017, Sevan Marine informed that the

company had received a formal notification of Technip

Norge's intention to exercise their option to buy Sevan

Marine's remaining 51% shareholding in KANFA AS.

The shareholders' agreement between the parties contains an

option for Technip Norge to purchase the shares held by

Sevan Marine in KANFA. In January, Technip Norge sent a

notice to Sevan Marine exercising their option right in

accordance with the shareholders' agreement.

The parties have now agreed on all terms and conditions for

the transaction and Sevan Marine sells its shares in KANFA

AS to Technip Norge for NOK 2.0 million.

The transaction is complete and will be booked in second

quarter 2017. Sevan Marine estimates an accounting loss of

NOK 9.2 million that will be recorded in discontinued

operations in relation to the deconsolidation of the KANFA

Group.

"Together with Technip Norge, we have worked to strengthen

the KANFA business over the past three years. I am confident

that Technip Norge is the right partner to continue this

effort and to take KANFA to the next level. I would like to

thank the management and employees of KANFA for their

efforts and dedication over the past years and wish them and

Technip Norge all the best for the future", says Reese

McNeel, CEO of Sevan Marine ASA.

*******

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.