Magnora ASA

Legal Proceedings Report • Aug 5, 2016

SEVAN MARINE ASA: Logitel Offshore

SEVAN MARINE ASA: Logitel Offshore

We refer to the Q2 2016 earnings release of Teekay

Offshore Partners ("Teekay") on August, 04 2016 and

the announcement of the cancellation of the shipyard

contracts for the two remaining Logitel Offshore units.

We also refer to Sevan Marine's press release of May

23, 2016 and comments made regarding the circumstances

surrounding the legality and potential claims in

relation to the Logitel Offshore Agreements.

Sevan Marine continues to believe that substantial

claims may be made against the parties involved and

Sevan Marine is dedicated to seeking the best outcome

for the Company and its shareholders. Sevan Marine

will continue to evaluate alternatives.

The outcome of this situation and any potential

recovery of value remains uncertain. As such, there

remains material uncertainty regarding both the amount

and timing of any payments in relation to the Logitel

agreements. In accordance with IFRS accounting

standards and based on the cancellation of the

shipyard contracts, Sevan Marine will record a further

non-cash impairment of USD 13 million in relation to

Logitel as per June 30, 2016. Sevan Marine will do its

utmost to realize the underlying merits and outperform

the impairments taken over the coming months.

Sevan Marine expects to be in position to provide a

further update on this matter in connection with its

Q2 2016 earnings release on Wednesday, August 24, 2016.

*******

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

carl.lieungh@sevanmarine.com

+47 916 64 720 mobile

Reese McNeel, CFO, Sevan Marine ASA

reese.mcneel@sevanmarine.com

+47 415 08 186 mobile