Magnora ASA

Earnings Release • May 23, 2017

SEVAN MARINE ASA - First quarter 2017 results

SEVAN MARINE ASA - First quarter 2017 results

(Oslo, 23 May 2017) Sevan Marine reported revenue for

continued operations in the first quarter 2017 of NOK 12.1

million, as the company continued to support two cylindrical

FPSO developments for the UK Continental Shelf, one

cylindrical FLNG project for ExxonMobil and delivered

engineering support for the Goliat project in the Barents

Sea.

In the quarter, Sevan Marine entered into a long term

framework agreement with ExxonMobil for the provision of

services and use of Sevan Marine's cylindrical hull

technology. The company has worked with ExxonMobil since

2015, when Sevan Marine was awarded a feasibility study to

explore the use of its cylindrical hull technology for a

FLNG development. The first work order under this new

agreement has been issued for approximately 5,000 hours of

engineering support to be completed in 2017.

"We are delighted to have secured this long term frame

agreement with ExxonMobil. It is a further milestone in the

development of Sevan Marine, our cylindrical hull design and

its engineering capabilities," says Reese McNeel, CEO of

Sevan Marine ASA.

Sevan Marine continued to reduce its cost base in line with

the reduction in the activity level. A further restructuring

charge of NOK 3.7 million affected this quarter's earnings

and EBITDA for continued operations was negative NOK 16.7

million.

The company is in a solid financial position, with a net

cash position of NOK 152.3 million and an equity ratio of 66

percent.

The main focus going forward is to continue to develop

relationships with large oil companies to promote the proven

Sevan Marine design, our specialty marine engineering

services and to be well positioned to take advantage of

opportunities in an improving market.

Reese McNeel CEO will today at 10:00 CET (Oslo time) host a

conference call for investors, analysts and other interested

parties.

A Q&A session will follow the presentation and information

on how to submit questions to management will be given at

the beginning of the Q&A session. To participate to the

management presentation of the results, please dial in 5-10

minutes prior to the start time using the numbers and

confirmation code below.

Call in numbers:

Norway: +47 2100 2610

International/UK dial in: +44 (0)330 336 9105

The participants will be asked for their name, company and

confirmation code. The Sevan Marine confirmation code is:

Presentation material that will be used during the call is

attached and also available at www.sevanmarine.com. The

presentation will be in English.

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.

Sevan Marine ASA is specializing in design, engineering and

project execution of floating units for offshore

applications, based on its patented cylindrical floater

technology. Sevan Marine ASA is listed on Oslo Børs with

ticker SEVAN. For more information, please refer to

www.sevanmarine.com.