Magnora ASA

AGM Information • May 25, 2016

Office Translation This translation is for information purposes only. Legal authenticity remains with the original document

MINUTES FROM

ANNUAL GENERAL MEETING IN

SEVAN MARINE ASA

The Annual General Meeting of Sevan Marine ASA was held on Wednesday May 25, 2016, at 10:00 (CET) at the offices of the Company at Verkstedveien 3, 0277 Oslo, Norway.

The following issues were on the agenda:

1. OPENING OF THE GENERAL MEETING BY THE CHAIRPERSON OF THE BOARD OF DIRECTORS. REGISTRATION OF ATTENDING SHAREHOLDERS.

Siri Hatlen, Chairperson of the Board of Directors, opened the general meeting and informed about the attendance. The list over attending shareholders showed that 25 478 465 shares, corresponding to 48.43% of the issued shares were represented. The list of participants and the voting results are attached to these minutes.

Nordea Verdipapirservice was present.

2. ELECTION OF THE CHAIRPERSON OF THE MEETING

Attorney at law Dag Erik Rasmussen was elected Chairperson of the General Meeting.

3. ELECTION OF A PERSON TO SIGN THE MINUTES TOGETHER WITH THE CHAIRPERSON OF THE MEETING

Kjetil Sjursen was elected to co-sign the minutes together with the Chairperson of the meeting.

4. APPROVAL OF THE NOTICE FOR THE MEETING AND THE AGENDA

No objections were made to the notice and the agenda, and the General Meeting was declared duly constituted.

5. INFORMATION ABOUT THE COMPANY'S OPERATIONS, INCLUDING INFORMATION ABOUT RELEVANT CASES (LOGITEL)

The Company's CEO, Carl Lieungh, held a briefing on the operations and the most important events for the group in 2015, and the CFO, Reese McNeel, held a briefing of the key figures in the annual financial statements for 2015.

ILS

After the presentation the Chairperson opened for questions and comments.

6. APPROVAL OF THE ANNUAL FINANCIAL STATEMENTS FOR THE PARENT COMPANY AND THE GROUP FOR THE FINANCIAL YEAR 2015, AND THE BOARD OF DIRECTOR'S REPORT

In accordance with the proposal from the Board of Directors, the General Meeting passed the following resolution:

"The annual financial statements for the Parent Company and the Group for the financial year 2015 and the Board of Directors' report are approved. No dividend shall be paid for 2015."

7. STATEMENT FROM THE BOARD OF DIRECTORS REGARDING DETERMINATION OF SALARY AND OTHER BENEFITS FOR SENIOR MANAGEMENT

In accordance with the proposal from the Board of Directors, the General Meeting passed the following resolutions:

(a) Advisory guidelines

"The General Meeting endorses the advisory guidelines in the declaration from the Board of Directors pursuant to the Norwegian Public Limited Liability Companies Act section 6-16a."

(b) Binding guidelines

"The General Meeting approves the binding guidelines in the declaration from the Board of Directors pursuant to the Norwegian Public Limited Liability Companies Act section 6-16a."

8. CONSIDERATION OF THE STATEMENT OF CORPORATE GOVERNANCE

The General Meeting took into account the statement from the Board of Directors of Corporate Governance.

9. DETERMINATION OF THE REMUNERATION TO THE MEMBERS OF THE BOARD OF DIRECTORS, THE AUDIT COMMITTEE AND THE COMPENSATION COMMITTEE

In accordance with the proposal from the Nomination Committee, the General Meeting passed the following resolution:

"The remuneration to the members of the Board of Directors for the period from the Annual General Meeting in 2016, to the Annual General Meeting in 2017, is set to NOK 400,000 for the Chairperson, NOK 250,000 for the independent board members, NOK 125000 for board members nominated by Teekay, NOK 125 000 for employee representatives and NOK 10000 per meeting for each deputy director.

ILS

The remuneration to the members of the Audit Committee for the period from the Annual General Meeting in 2016, to the Annual General Meeting in 2017, is set to NOK 50,000 for the chairperson of the committee and NOK 30,000 for other members.

The remuneration to the members of the Compensation Committee for the period from the Annual General Meeting in 2016, to the Annual General Meeting in 2017, is set to NOK 50,000 for the chairperson of the committee and NOK 25,000 for other members."

10. DETERMINATION OF THE REMUNERATION TO THE MEMBERS OF THE NOMINATION COMMITTEE

In accordance with the proposal from the Nomination Committee, the General Meeting passed the following resolution:

'The remuneration to the members of the Nomination Committee for the period from the Annual General Meeting in 2015, to the Annual General Meeting in 2016, is set to NOK 85,000 for Mimi K. Berdal (chair), NOK 20,000 for Ingvild Sæther and NOK 20,000 for Kristoffer Andenæs."

11. APPROVAL OF THE REMUNERATION TO THE AUDITOR FOR 2015

The Chairperson accounted for the remuneration to the auditor. In accordance with the proposal from the Board of Directors the General Meeting passed the following resolution:

'The remuneration to the auditor of USD 235,532 ex. VAT for the audit of the 2015 annual accounts, and USD 36,454 ex. VAT for audit related services, is approved."

12. ELECTION OF MEMBERS TO THE BOARD OF DIRECTORS

In accordance with the proposal from the Nomination Committee, the General Meeting passed the following resolution:

"The following persons are elected as Directors for the period up to the Annual General Meeting in 2017:

Erling Øverland, Chairperson (new)

Peter Lytzen, Director (re-elected)

Ingvild Sæther, Director (re-elected)

Kjetil Sjursen, Director (re-elected)

Kathryn M. Baker, Director (new)

[B. Gisle Grønlie}, Deputy Director (new)"

13. ELECTION OF MEMBERS TO THE NOMINATION COMMITTEE

In accordance with the proposal from the Nomination Committee, the General Meeting passed the following resolution:

"The following persons are elected as members of the Nomination Committee for the period up to the Annual General Meeting in 2017:

Mimi K. Berdal, Chairperson

Ingvild Sæther, Member

Kristoffer Andenæs, Member"

14. AUTHORIZATION (CONTINUED) TO THE BOARD OF DIRECTORS TO INCREASE THE SHARE CAPITAL IN CONNECTION WITH INCENTIVE SCHEME FOR MANAGEMENT AND EMPLOYEES

In accordance with the proposal from the Board of Directors, the General Meeting passed the following resolution:

• 1. The Board of Directors is authorized to increase the share capital by up to NOK 4,200,000.
• 2. The authorization is valid up to the Annual General Meeting in 2017, but no longer than June 30, 2017.
• 3. The pre-emptive rights of the existing shareholders pursuant to section 10-4 of the Public Limited Liability Company's Act may be derogated from.
• 4. The authorization includes share capital increase against non-cash contributions, rights to assume special obligations on the Company in addition to resolution of merger and demerger, et, the Public Limited Liability Company's Act section 13-5 and 14-6 (2). The authorization can be used in situations as described in the Securities Trading Act section 6-17.
• 5. The authorization can only be used in connection with the Company's incentive scheme for management and employees.
• 6. The authorization replaces previous registered authorizations for share capital increase.

* * *

There were no further items on the agenda. The Chairperson of the meeting thanked the participants for their attendance, and the General Meeting was thereafter adjourned.

Oslo, May 25, 2016

Dag Erik Rasmussen, meeting chair Kjetil Sjursen, co-signer

Pro~ocol for general meeting SEVAN MARINE ASA

ISIN: NOQOI0187032 SEVAN MARINE ASA General meeting date: 25/05/2016 10.00 TOd,ay: 25.05.2016

l

Shares class	FOR	Against A_in		poll in		POll not registered Represented shares with voting rights
Agenda item 2 Election of chairperson of the meeting
Ordinær	25,478,328	O		137 25,478,465	o	25,478,465
votes cast in %	100.00 %		0.00 % 0.00 %
representation of sc in %	100.00 %	0.00%	0.00 %	100.00 %	0.00 %
total sc in %	48.43 %		0.00 % 0.00 %	48.43 %	0.00 %
Total	25,478,328	O		137 25,478,465	O	25,4711,465
Agenda item 3 Election of a person to sign the minutes together with the chairperson of the meeting
Ordinær	25,478,328	O		137 25,478,465	O	25,478,465
votes cast in %		100.00 % 0.00 % 0.000/0'
representation of sc in %	100.00 %	0.00 %	0.00%	100.00 %	0.00%
total sc in %		48.43 % 0.00 %	0.00%	48.43 %	0.00%
Total	25,478,328	O		137 25,478,465	O	25,478,465
Agenda item 4 Approval of the notice for the meeting and the agenda
Ordinær	25,478,328	O		137 25,478,465	O	25,478,465
votes cast in %		100.00 % 0.00 % 0.00 %
representation of sc in %	100.00 %	0.00%	0.00%	100.00 %	0.00%
total sc in %	48.43 %	0.00%	0.00 %	48.43 %	0.00%
Total	25,478,328	O		137 25,478,465	O	25,478,465
Agenda Item 6 Approval of the annual financial statements for the Parent Company and the Group fOt the
financial year 2015,. and the Board of Directors rep
Ordinær	25,478,328	O		137 25,478,465	o	25,478,465
votes cast in %	100.00 % 0.00 % 0.00 %
representation of sc in %	100.00 % 0,00 % 0.00 %			100.00 %	0.00 %
total sc in %		48.43 % 0.00 % 0.00 0/0		48.43 %	0.00%
Total	25,478,328	O		137 25,478,465	O	25A78,465
Agend" item 7.1 Advisory Guidelines
Ordinær	25,478,328	O		137 25,478,465	o	25,478,465
votes cast In %	100.000/0	0.00%	0.00%
representation of sc in %	100.00 %	0.00%	0.00 %	100.00 %	0.00%
total sc in %	48.43 %	0.00%	0.00 %	48.43 %	0.00%
Total	25,478,.328	O		137 25,478,465	O	25,478,465
Agenda item 7.2 Binding Guidelines
Ordinær	25,478,328	O		137 25,478,465	O	25,478,465
votes cast in %	100.00 % 0.00 % 0.00 %
representation of sc in %	100.00 % 0.00 %		0.00 %	100.00 %	0.00%
total sc tn %	48.43 % 0.00 %		0.00 %	48.43 %	0.00 %
Total	25,478,328	O		137 25,478,465	O	25,478,465
Agenda item 9 Determination of tite remuneration to the members of the Board of Directors, the Audit
Committee and tile Compensation Committee
Ordinær	25,478,328	O		137 25,478,465	O	25,478,465
votes cast in %	100.00 %	0.00%	0.00%
representation of sc in %	100.00 %	0.00%	0.00 %	100.00 %	0.00 %
total sc in % Total	48.43 % 25,478,328	0.00%	0.00 %	48.43 % 137 25,478,465	0.00%
Agenda item 10 Determination of the remuneration to the members of the NOmination Committee.		O			O	25A78,465
Ordinær	25,478,328			137 25,478,465		25,478,465
		O			O
votes cast in %	100.00 % 0.00 % 0.00 % 100.00 % 0.00 %		0.00 %	100.00 %
representation of sc in % total sc in %	48.43 % 0.00 %				0.00%
Total			0.00%	48.43 %	0.00%
Agenda Item 11 Approval of the remuneration to the auditor for 2015.	25,478,328	O		137 25,478,465	O	25,478,465
Ordinær	25,478,328	O		137 25,478,465	o	25,478,465
votes cast in %	100.00 % 0.00 % 0.00 %
representation of sc in %	100.00 % 0.00 % 0.00 0/0			100.00 %	0.00%
total sc in %	48.43 % 0.00 %		0.00 %	48.43 %	0.00 0/0
Total	25,478,328	O		137 25,478,465	O	25,478,465
Agenda item 12 Election of the members to the Board of Directors
Ordinær	25,475,688	2,640		137 25,478,465	o	25,478,465
votes cast in %	99.99 % 0.01 % 0.00 %

Shares class	FOR			Against Abstain Poll in		Pon not registered Represented shares with voting rights
representation of sc in %		99.99 % 0.01 % 0.000/0		100.00 %	0.00%
total sc in %		48.43 % 0.01 % 0.00 %		48.43 %	0.00%
Total	25,475,688	2,640		137 25,478,465	O	25,478,465
Agenda item 12.1 Siri Hatlen
Ordinær	25,478,328	o		137 25,478,465	o	25,478,465
votes cast in %		100.00 % 0.00 % 0.00 %
representation of SC in %		100.00 % 0.00 % 0.000/0		100.00 %	0.00%
total sc in %		48.43 % 0.00 %	0.00%	48.43 %	0.00 %
Total	25,418,328	O		137 25,478,465	O	25,478,465
Agenda item 12.2 Peter Lytzen
Ordinær	25,475,688	2,640		137 25,478,465	o	25,478,465
votes cast in %		99.99 % 0.01 % 0.00 %
representation of Sc in %		99.99 % 0.01 % 0.00 %		100.00 %	0.00%
total sc in %		48.43 % 0.01 %	0.00%	48.43 %	0.00%
Total	25,475,688	2,640		137 25,478,465	O	25,478,465
Agenda item 12.3 Kjetil Sjurseii
Ordinær	25,478,328	o		137 25,478,465	o	25,478,465
votes cast in %		100.00 % 0.00 % 0.00 %
representation of sc in c		100.00 % 0.00 % 0.00 %		100.00 %	0.00%
total sc In %		48.43 % 0.00 %	0.00 %	48.43 %	0.00%
Total	25,478,328	O		137 25,478,465	o	25,478,465
Agenda item 12.4 Kathryn M. Baker
Ordinær	25,478,328	o		137 25,478,465	o	25,478,465
votes cast in %	100.00 % 0.00 % 0.00 %
representation of sc in %	100.00 % 0.00 % 0.00 %			100.00 %	0.00%
total sc in %		48.43 % 0.00 % 0.00 %		48.43 %	0.00%
Total	25,478,328	O		137 25,478,465	O	25,478,465
Agenda item 12.5 Ingvild Sæther (deputy)
Ordinær	25,478,328	O		137 25,478,465	o	25,478,465
votes cast in %	100.00 % 0.00 % 0.00 %
representation of sc in %	100.00 % 0.00 % 0.00 %			100.00 %	0.00%
total sc in %		48.43 % 0.00 % 0.00 %		48.43 %	0.00%
Total	25,478,328	O		137 25,478,465	O	25,478,465
Agenda item 12.6 B. Gisle Grønlie (deputy)
Ordinær	25,478,328	O		137 25,478,465	o	25,478,465
votes cast in %	100.00 % 0.00 % 0.00 %
representation of sc in %	100.00 % 0.00 % 0.00 %			100.00 %	0.00%
total sc in 0/0		48.43 % 0.00 % 0.00 %		48.43 %	0.00%
Total	25,478,328	O		137 25,478,465	O	25,478,465
Agenda item 13 Election of ",e hars to the Nomination Committee
Ordinær	25,478,328	o		137 25,478,465	o	25,478,465
votes east In %	100.00 % 0.00 % 0.00 %
representation of sc in %	100.00 % 0.00 % 0.00 %			100.00 %	0.00 %
totat sc in %		48.43 % 0.00 % 0.00 %		48.43 %	0.00%
Total	25,478,328	O		137 25,478,465	O	25,478,465
Agenda item 14 Authorization (continued) to the Board of Directors to increase the share capital in
connection with incentive scheme for management and emp
	25,475,061	3,267		137 25,478,465	o	25,478,465
votes cast in %		99.99 % 0.01 % 0.000/0
representation of sc In %	99.99 % 0.01 %		0.00 %	100.00 %	0.00%
total sc in %	48.43 % 0.01 %		0.00%	48.43 %	0.00%
Total	25,475,061	3,267		137 25,478,465	O	25,478,465

Registrar for the company:

Signature company: SEVAN MARINE ASA

NORDEA BANK NORGE ASA

c!rfØ

Share information

Name Total number of shares Nominal value Share capital Voting rights Ordinær 52,606,999 4.00 210,427,996.00 Yes Sum:

Total Represented

ISIN: NOOOI0187032 SEVAN MARINE ASA General meeting date: 25/05/2016 10.00 Today: 25.05.2016

Number of persons with voting rights represented/attended: 16

	Number of shares O/o se
Total shares	52,606,999
- own shares of the company	O
Total shares with voting rights	52,606,999
Represented by own shares	654,158	1.24 %
Sum own shares	654,158	1.240/0
Represented by proxy	24,790,732	47.12 %
Represented by voting instruction	33,575	0.06%
Sum proxy shares	24,824,307	47.19 GJo
Total represented with voting rights	25,478,465	48.430/0
Total represented by share capital	25,478,465	48.430/0

Registrar for the company:

NORDEA BANK NORGE ASA

/ 7

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			Attendance List Attendance SEVAN MARINE ASA 25/05/2016
	Ref no	First Name	Company/Last name	Repr. by	Participant	Share	DWN	Axoud	Proxy votes	Total		98 %	% registered	% represented	Voting instruction
Show	601		PREDATOR CAPITAL MANAGEMENT AS	karl heine	Share Holder	Ordinær	315,072			$\circ$	315,072	0.60%	$1.24\%$	$1.24\%$
Show	398	LARS	ØDESKAUG		Share Holder	Ordinær	150,000			Ó	150,000	0.29%	0.59%	0.59%
WOUS	513		BLMF HOLDING AS	Lars Ødeskaug Share Holder		Ordinær	70,000				70,000	$0.13\%$	0.27%	0.28%
MOUS	649		SECURUS AS	Kjell kjursen	Share Holder	Ordinær	50,000				50,000	$0.10\%$	0,20%	% 02'0
Show	737		GUNERIUS PETTERSEN AS	Pettersen	Share Holder	Ordinær	64,095				64,095	$0.12\%$	$0.25\%$	0.25%
Show	6817		SMARTQ AS	Kai K Erlksen	Share Holder	Ordinær	900				808	0.00%	0.00%	0.00%
Show	11536	Finn Einar	Svanholm		Share Holder	Ordinær	411				411	0.00%	0.00%	0.00%
WOUS	24273	χ	HAMMER		Share Holder	Ordinær	თ თ				ဂ္တ	0.00%	0.00%	0.00%
MOUS	36293	Oddvar	Elkrem		Share Holder	Ordinær				o	š	0.00%	0.00%	0.00%
Show	£656\$	Siri Hatlen	Styrets Leder		Proxy Solicitor	Ordinær		2,476	33,328		35,804	0.07%	$0.14\%$	$0.14\%$	FFFFFFFFFFFFFFFFF
KOUS	49601	Carl Lieungh	Daglig Leder		Proxy Solicitor	Ordinær		1,600		110	1,710	0.00%	0.01%	0.01%	FFFFFFFFFFFFFFFFF
Show	49676	erik	strand		Share Holder	Ordinær	4,000		0		4,000	0.01%	0.02%	0.02%
WOUS	6086+	Kristoffer	Andenæs		Proxy Solicitor	Ordinær		1,393,025		$\circ$	1,393,025	2.65%	5.46%	5.47%
Show	49817	Karl Erik Navestad	Gard A Skogstrøm		Proxy Solicitor Ordinær			22,893,631		$\circ$	22,893,631	43.52%	89.72%	89.86%
Show	49825	Gearg	Abusdal Engebretsen		Proxy Solicitor	Ordinær			$\circ$	137	137	0,00 %	% 00.0	% 00.0	AAAAAAAAAAaaaaaAA
	PL86b MOUS		Ballista AS v/ Erik Sneve		Proxy Solicitor Ordinær		C	000'005		O	500,000 0.95 %		1.96 9	% 96'T