Magnora ASA

SEVAN MARINE ASA: Study Award for Wisting Discovery in Barents Sea

Sevan Marine is pleased to announce that it has been

awarded a study to evaluate its cylindrical hull

design for application on the Wisting field

development. The study is awarded by OMV Norge AS who

is screening various floating alternatives for

developing the Wisting discovery. The study completion

is by year end 2016.

The Wisting discovery is located 310 kilometers from

shore in the northern part of the Barents Sea at the

Norwegian Continental Shelf. OMV Norge is the operator

of Wisting (PL 537) with 25% share.

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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.

For more information please contact:

Carl Lieungh, CEO, Sevan Marine ASA

+47 916 64 720 mobile

Reese McNeel, CFO, Sevan Marine ASA

+47 415 08 186 mobile

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