Magnora ASA

SEVAN MARINE agrees FPSO Piranema ANP fine settlement

Sevan Marine ASA has agreed a settlement with Piranema LLC

in relation to ANP fines incurred to date. As previously

communicated Sevan Marine provided Piranema LLC with an

indemnity against such fines in conjunction with the 2011

restructuring and sale of the FPSO Piranema.

Sevan Marine will pay Piranema LLC an amount of USD 3

million to settle the fines and related expenses incurred to

date. Sevan Marine will remain liable for any future claims.

Neither Sevan Marine nor Piranema LLC are aware of any

pending or future claims at this time.

Sevan Marine has accounted for and accrued for such costs in

its financial accounts with USD 3.7 million. The settlement

will lead to a USD 3 million reduction in Sevan Marine's

cash balance per the end of Q1 2017 and an accounting

financial gain in the range of USD 0.7 million in the

quarter.

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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

+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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