Magnora ASA

Quarterly Report • May 25, 2016

SEVAN MARINE ASA INTERIM FINANCIAL REPORT - First Quarter 2016

SEVAN MARINE ASA 2 INTERIM FINANCIAL REPORT First Quarter 2016

CONTENTS

INTERIM FINANCIAL REPORT FIRST QUARTER 2016

Main Events and Developments, First Quarter 2016 3
Sevan Marine 4
Main Figures, First Quarter 2016 4
Business Segments 4
Outlook . 4

INTERIM FINANCIAL STATEMENTS

Condensed Consolidated Income Statement 6
Statement of Comprehensive Income 6
Condensed Consolidated Balance Sheet 7
Condensed Consolidated Cash Flow Statement 8
Condensed Consolidated Statement of Changes in Equity 9
Key Figures 9

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Note 1	General accounting principles 10
Note 2	Related party transactions 10
Note 3	Segment information 11
Note 4	Shareholder structure 12
Note 5	Logitel Offshore transaction 13
Note 6	Events after balance sheet date 13

INTERIM FINANCIAL REPORT FIRST QUARTER 2016

FOR

SEVAN MARINE ASA

('SEVAN MARINE' OR THE 'COMPANY', AND TOGETHER WITH ITS SUBSIDIARIES THE 'GROUP')

Main Events and Developments, First Quarter 2016

Continued work on UK sector FPSO prospect

After the positive selection of the Sevan Marine cylindrical hull concept in late 2015, Sevan Marine has continued to provide engineering support for the UK sector FPSO prospect during the quarter. Payments under the License Agreement remain subject to the field developers' final investment decision and start of construction of the unit, which is not expected before the second half of 2016. Sevan Marine expects to continue to provide engineering support through the end of 2016.

Focus on existing projects

During the quarter, Sevan Marine continued to provide engineering and site support services for the Goliat, Logitel Offshore and Dana Western Isles projects.

Sevan Marine remains entitled to a variable license fee linked to production with respect to the Dana Western Isles project. Dana has announced that the FPSO will not commence production before the second half of 2017.

Continuing work on HiLoad LNG

During the quarter, HiLoad LNG continued the development of both the HiLoad offloading system for FLNG and the Floating Regas Dock ("FRD") for small scale regasification projects. For offloading, HiLoad provided information and held meetings with several oil majors regarding the concept. Technip also continued to market the use of HiLoad LNG together with their cryogenic flexible aerial pipes for LNG offloading to standard LNG carries. The accreditation of the first cryogenic floating hose by Trelleborg is also a very positive development and opens up yet further alternatives for using HiLoad LNG for LNG offloading. With respect to the FRD, initial Pre-FEED work was starting during the quarter for the Vires Energy Corporation project in the Philippines.

Cost Reduction and Organizational Changes

Further cost reduction measures were taken during the quarter including headcount reductions. Other cost measures were also taken including, the integration of KANFA Mator into KANFA, the further consolidation of offices and voluntary reductions in management salaries of between 10 and 50 percent. The number of employees in the Sevan Marine group has been reduced from over 200 to less than

140 in the past 15 months, a 30 percent reduction. The recurring cost base in the core Floating Production segment has been reduced by over USD 8m or over 40 percent since the end of 2014.

The management was also re-organized in the past months to both reduce cost and establish greater focus within the core segment of Floating Production. Two senior managers, Mr. Morten Martens Breivik (former Chief of Staff) and Mr. Lars Ødeskaug (former COO) have left Sevan Marine. Mr. Alf-Roger Skikstein assumed the role of Managing Director for Sevan Marine reporting directly to the CEO, Mr. Carl Lieungh.

Improved Performance of KANFA and KANFA Aragon

The KANFA group saw improved results in the quarter driven by the initial recognition of margin on the USD 50 million OCTP project from Yinson Production. KANFA was also awarded hourly based engineering work for a Norwegian sector development in the quarter which helped to keep utilization high.

KANFA Aragon improved its performance substantially with a positive settlement of a historical project and the winning of new work with a Singaporean based client which is expected to fully utilize KANFA Aragon's resources through Q2 2016. Sevan Marine continued its strategic review with respect to its shareholding in KANFA Aragon during the quarter, and this may result in either a disposal or greater integration of KANFA Aragon's activities into Sevan Marine during Q2 2016.

Logitel Offshore

With reference to the press release from May 23, 2016, Sevan Marine initiated in January 2016 a review of the circumstances surrounding and the legality of the Logitel Offshore agreements. In February 2016, Sevan Marine, through a special Board committee, initiated a dialogue in an attempt to resolve the issues raised in an amicable manner and within the framework of applicable law. Until lately the special Board committee was very optimistic that a settlement would be reached. Unfortunately, the dialogue has recently been paused. Sevan Marine regrets the situation and is dedicated to seeking the best outcome for all its shareholders.

The outcome of this situation and any potential recovery of value is now considered uncertain. As such, there remains material uncertainty regarding both the amount and timing of any payments in relation to both the Logitel loan and variable payments due from Logitel. Accordingly, non-cash, accounting impairments and provisions of USD 8 million in relation to the convertible loan and expected variable fee amounts have been recorded as per March 31, 2016.

Strategic Review Process

Sevan Marine appointed Pareto Securities in April 2015 to explore potential strategic options for the Company. The corporate investigation carried out between June and October 2015 resulted in delays to the strategic review. The Company continues the work to explore strategic options for Sevan Marine.

Dividend policy

The Board has communicated an intention to pay a dividend depending upon developments. Given the uncertain market outlook, the Board has decided not to pay an ordinary dividend for 2015. An extraordinary dividend in 2016 may be considered depending upon developments during the year.

Sevan Marine

Sevan Marine is a technology, project development and engineering company. Sevan Marine has developed a cylinder shaped floater suitable for the offshore environment. Sevan Marine is delivering products and solutions to the E&P industry, utilizing its core competencies within the areas of design, engineering and project execution. The basis for the products and solutions provided is the Sevan Marine technology.

The Group has no interest-bearing debt and focuses on securing new projects under a technology license model within the FPSO, FSO and FLNG market, as well as within other offshore markets.

Sevan Marine´s business segment Topside and Process Technology contributes with a substantial portion of the Group's total revenue. Within this segment, Sevan Marine has entered into a strategic partnership with Technip. In relation to this, Sevan Marine in 2014 agreed to sell 49 percent of KANFA AS to Technip Norge AS. Technip has the option to take over the remaining 51 percent of KANFA AS in 2017 based on a multiple of 2014, 2015 and 2016 results.

Main Figures, First Quarter 2016

(Previous quarter figures in brackets)

Operating revenue for the first quarter 2016 was USD 21.0 million (USD 27.2 million). EBITDA was negative USD 7.0 million (negative USD 3.0 million), and operating loss was USD 7.1 million (loss of USD 3.1 million). Net loss was USD 8.1 million (loss of USD 8.4 million). The net loss is negatively impacted by the further impairment of the Logitel Loan and variable fee.

As of Q1 2016, cash and cash equivalents amounted to USD 41.3 million (USD 36.6 million). The change in cash and cash equivalents is largely attributable to operating losses, working capital changes in the Topside and Process segment and a payment of USD 3.5 million related to the 2012 tax reassessment. It is expected that the positive working capital change in the Topside and Process segment will reverse during Q2 and Q3 2016.

Sevan Marine has approximately NOK 3.4 billion in total Norwegian tax losses which are not reflected on the balance sheet. Sevan Marine believes that these losses could generate substantial value in the future.

The equity ratio was 44.9 per cent as of March 31, 2016 (49.7 per cent).

Business Segments

The Group's segment reporting is divided into: (i) Floating Production and (ii) Topside and Process Technology.

Floating Production

The main activities in the Floating Production segment relate to engineering and project management in ongoing projects, for example Goliat, the Dana Petroleum Western Isles project, Logitel Offshore, the UK North Sea prospect, and several engineering studies for potential new FPSO/FSO projects.

The Q1 2016 result in Floating Production is not satisfactory. External revenue in Q1 2016 amounted to USD 5.1 million (USD 5.8 million), and EBITDA was negative USD 7.6 million (negative USD 2.7 million). Q1 2016 EBITDA is driven by reduced income and further restructuring costs which are only partially offset by cost savings. The provision of USD 5.0 million with respect to the Logitel variable payment also negatively impacted the results.

The total assets were USD 51.9 million (USD 64.4 million). The floating production segment held USD 27.0 million (USD 30.6 million) in cash and cash equivalents on March 31, 2016.

Topside and Process Technology

This business segment consists of the activities of the KANFA companies (KANFA AS and KANFA Aragon). External revenue in Q1 2016 was USD 15.9 million (USD 21.4 million) and EBITDA was positive USD 0.6 million (negative USD 0.3 million). Revenue is positively impacted by the Yinson OCTP project and new hourly engineering work won in KANFA AS. The margin is also positively impacted by the result in KANFA Aragon where there was a positive settlement on a historical project and new work won with a large Singaporean based client.

The total assets were USD 24.6 million (USD 22.2 million). The Topside and Process Technology segment held USD 14.3 million (USD 5.9 million) in cash and cash equivalents on March 31, 2016. The large increase in cash is largely related to working capital in relation to the OCTP project which is expected to reverse during Q2 and Q3 2016. Sevan Marine ASA has issued guarantees to support overdraft, guarantee and foreign exchange facilities for both KANFA AS and KANFA Aragon.

Outlook

The Board is of the opinion that the increased focus on cost effective solutions in the petroleum industry should be favourable for the Company, as floating units based on Sevan's technology represent inherent advantages. Amongst these are excellent motion characteristics, high deck load capacity, large storage space and substantial lower cost compared with alternatives when a turret is needed.

Sevan Marine works to achieve a good utilization of its staff with ongoing and new FEED / study work during 2016 and to secure further license income by late 2016 or early 2017.

Sevan Marine continues to face a difficult market with many of its key prospects continuing to be delayed. 2016 will remain a difficult year. Even more cost reduction measures are being implemented to reduce operating losses and cash burn. These measures include voluntary salary cuts by staff and senior management, reduced working time, simplification of the group structure as well as continued stringent cost control.

Sevan Marine's FLNG concept has been well received. A continuation of the initial feasibility study completed in 2015 has been agreed with a US Oil Major for a specific FLNG field development. Additional interest has also been expressed by other global Oil majors despite many FLNG projects having recently been delayed or postponed. In the longer term, Sevan Marine is optimistic that it can also secure license revenue in the FLNG segment.

Sevan Marine is pursuing opportunities to use the HiLoad both as an FLNG offloading solution as well as an LNG regasification unit or Floating Regas Dock ("FRD"). The HiLoad LNG offloading solution has attracted substantial market interest in past months. Sevan Marine is optimistic that additional paid study work related to HiLoad LNG can be generated in 2016.

In KANFA AS, a high workload on the OCTP project will continue during the first half of 2016 with further margin recognition expected. KANFA does not expect to be awarded any substantial process package awards in 2016 given the low market activity. They have however recently secured more hourly engineering support work and hope to maintain a high utilization of their staff through 2016. Cost reduction measures continue to be taken.

KANFA Aragon is primarily focusing on gas processing and FLNG markets. KANFA Aragon has secured workload through a study contract with a Singapore based client which is expected to provide backlog and provide solid results through Q2 2016. Sevan Marine continues to consider its strategic options with respect to its shareholding in KANFA Aragon which may result in either a disposal or greater integration of KANFA Aragon's activities into Sevan Marine during Q2 2016.

Sevan Marine has however recently received substantially increased interest in its unique design from many, high quality, global oil and gas majors. Sevan Marine believes this is a reflection of both the changing market place, increased willingness of oil majors to consider new technologies and Sevan Marine's own business development efforts over the past years.

Sevan Marine is confident given the increased market interest, its solid cash position and cost reduction plans that it has the resources and ability to successfully weather the current slowdown in activity and to regain profitability in 2017.

Oslo, May 24, 2016 The Board of Directors of Sevan Marine ASA

INTERIM FINANCIAL STATEMENTS

FIRST QUARTER OF 2016

CONDENSED CONSOLIDATED INCOME STATEMENT

Unaudited figures in USD million	Note	Q1 16	Q4 15	Q1 15	2015
Operating revenue	2	21.0	27.2	15.4	80.0
Operating expense		-27.4	-29.8	-18.6	-90.0
EBITDAFX		-6.4	-2.6	-3.1	-10.0
Foreign exchange gain/(loss) relating to operation		-0.6	-0.4	0.4	-0.7
EBITDA		-7.0	-3.0	-2.7	-10.7
Depreciation, amortization and impairment		-0.1	-0.1	-0.1	-6.4
Operating profit/(loss)		-7.1	-3.1	-2.8	-17.1
Financial income/(expense)		-2.2	0.0	0.5	-37.5
Foreign exchange gain/(loss) relating to financing		1.1	-0.9	-2.1	-2.7
Net financial items		-1.1	-0.9	-1.6	-40.2
Profit/(loss) before tax		-8.1	-4.0	-4.4	-57.2
Tax income/(expense)		0.0	-4.4	-0.2	-4.8
Net profit/(loss)		-8.1	-8.4	-4.5	-62.0

STATEMENT OF COMPREHENSIVE INCOME

Unaudited figures in USD million	Q1 16	Q4 15	Q1 15	2015
Net profit/(loss)	-8.1	-8.4	-4.5	-62.0
Actuarial gains/losses	0.0	0.1	0.0	0.1
Foreign currency translation	-0.1	0.2	-0.4	0.8
Total comprehensive income	-8.2	-8.1	-4.9	-61.1

CONDENSED CONSOLIDATED BALANCE SHEET

Unaudited figures in USD million	Note	31.03.16	31.03.15	31.12.15
Fixed assets		0.6	0.8	0.6
Intangible assets		1.2	6.6	1.3
Investments in associates		0.0	0.4	0.0
Deferred income tax assets		0.0	0.1	0.0
Loan	5	13.0	50.0	16.0
Other non-current assets		5.4	10.0	5.4
Total non-current assets		20.2	67.9	23.3
Trade and other receivables	2	14.9	38.1	26.7
Cash and cash equivalents		41.3	27.0	36.6
Total current assets		56.2	65.1	63.3
Total assets		76.5	133.0	86.6
Share capital	4	34.6	34.6	34.6
Other equity		-0.3	63.9	8.4
Total shareholders' equity		34.3	98.5	43.0
Non-controlling interest		7.3	7.6	6.8
Total equity		41.6	106.1	49.8
Retirement benefit obligations		1.0	0.9	0.9
Other non-current liabilities/provisions		0.3	1.1	0.3
Total non-current liabilities		1.3	2.0	1.2
Current liabilities	2	33.5	24.9	35.5
Total current liabilities		33.5	24.9	35.5
Total liabilities		34.8	26.9	36.7
Total equity and liabilities		76.5	133.0	86.6

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

Unaudited figures in USD million	Q1 16	Q4 15	Q1 15	2015
Cash flows from operation activities
Cash from operations	8.2	-1.2	0.1	0.4
Taxes paid	-3.5	-0.2	-0.3	-0.9
Net cash generated from operating activities	4.7	-1.4	-0.2	-0.5
Cash flows from investment activities
Purchase of property, plant and equipment (PPE)	0.0	0.0	-0.1	-0.1
Purchase of intangible assets	0.0	-0.8	0.0	-0.8
Repayment of Logitel loan	0.0	0.0	0.0	10.0
Net cash flow from investment activities	0.0	-0.8	-0.1	9.1
Cash flows from financing activities
Dividends paid	0.0	0.0	0.0	0.0
Net cash flow from financing activities	0.0	0.0	0.0	0.0
Net cash flow for the period	4.7	-2.2	-0.3	8.7
Cash balance at beginning of period	36.6	38.1	27.3	27.3
Cash balance at end of period	41.3	36.6	27.0	36.6
Debt to credit institutions	0.0	-0.6	0.0	-0.6
Net cash balance at end of period	41.3	36.0	27.0	36.0

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Unaudited figures in USD million	Share	Share		Retained Non-controlling	Total
	Capital	Premium	Earnings	Interest	Equity
Equity as of December 31, 2015	34.6	21.0	-12.6	6.8	49.8
Total comprehensive income for the period			-8.7	0.4	-8.2
Equity as of March 31, 2016	34.6	21.0	-21.3	7.3	41.6
	Share	Share		Retained Non-controlling	Total
Unaudited figures in USD million	Capital	Premium	Earnings	Interest	Equity
Equity as of December 31, 2014	34.6	21.0	46.8	8.6	111.0
Total comprehensive income for the period			-3.9	-1.0	-4.9
Equity as of March 31, 2015	34.6	21.0	42.9	7.6	106.1

KEY FIGURES

Unaudited figures in USD million	Note	Q1 16	Q4 15	Q1 15	2015
Basic earnings per share (USD)	a	-0.15	-0.16	-0.09	-1.18
Diluted earnings per share (USD)	b	-0.15	-0.16	-0.09	-1.18
Equity ratio	c	44.9 %	49.7 %	74.0 %	49.7 %
No. of outstanding shares (million)		52.6	52.6	52.6	52.6
No. of shares fully diluted (million)		52.6	52.6	52.6	52.6
Average no. of outstanding shares (million)		52.6	52.6	52.6	52.6
Average no. of shares fully diluted (million)		52.6	52.6	52.6	52.6
Share price (NOK)		19.4	17.3	18.6	17.3
Market capitalization (NOK, million)	d	1,021	910	978	910
Number of employees		145	171	188	171

Notes

a) Net profit / average no. of outstanding shares

b) Net profit / average no. of shares fully diluted

c) (Total shareholders' equity / total assets) x 100

d) Latest quoted share price of the reporting period x no. of outstanding shares

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 GENERAL ACCOUNTING PRINCIPLES

Sevan Marine ASA is a technology, project development and engineering company.

Sevan Marine ASA is a public limited company, incorporated and domiciled in Norway. The condensed consolidated interim financial statements consist of the Group and the Group's interests in associated companies.

The Group prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by EU and these financial statements have been prepared in accordance with the International Accounting Standard for Interim Financial Reporting (IAS 34). As the interim financial statements do not include the full information and disclosures as required in the annual financial statements, it should be read in connection with the Annual Financial Statements for 2015.

The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Annual Financial Statements for the year ended December 31, 2015.

NOTE 2 RELATED PARTY TRANSACTIONS

The Group has the following transactions and balances relating to related party companies:

Unaudited figures in USD million	Q1 16	Q4 15	Q1 15	2015
Sale to related party
Sale to Teekay	0.1	1.2	0.8	1.9
Sale to Logitel Offshore	1.0	3.2	3.3	8.7
Financial income from Logitel Offshore	0.0	0.0	0.5	0.0
Purchase from related party
Teekay	0.0	0.2	0.0	0.2
Purchase from Arendal Brygge	0.2	0.1	0.2	0.4
Receivable from related party
Receivable from Teekay	0.1	0.2	0.1	0.2
Receivable from Arendal Brygge	0.0	0.0	0.2	0.1
Receivable from Logitel Offshore	5.7	10.7	10.4	10.7
Loan to related party
Logitel Offshore	13.0	16.0	60.0	16.0

Logitel Offshore became related party to Sevan Marine in Q3 2014, when Teekay acquired all the shares in Logitel Offshore. The sale figures towards Logitel Offshore reflects sale of engineering and site supervision services in addition to accrued license revenue.

NOTE 3 SEGMENT INFORMATION

				Segments
				Topside and
		Floating		Process
Quarterly data		Production		Technology**		Eliminations	Total
	Q1 16	Q1 15	Q1 16	Q1 15	Q1 16	Q1 15	Q1 16	Q1 15
External revenue	5.1	10.1	15.9	5.3	0.0	0.0	21.0	15.4
Internal revenue	0.2	0.1	0.0	0.1	-0.2	-0.2	0.0	0.0
Total revenue	5.2	10.2	15.9	5.5	-0.2	-0.2	21.0	15.4
Operating expense	-12.3	-11.5	-15.2	-7.3	0.2	0.2	-27.4	-18.6
EBITDAFX	-7.1	-1.3	0.7	-1.9	0.0	0.0	-6.4	-3.1
Foreign exch. gain/(loss), operation	-0.6	0.3	0.0	0.1	0.0	0.0	-0.6	0.4
EBITDA	-7.6	-0.9	0.6	-1.8	0.0	0.0	-7.0	-2.7
Depreciation, amortization and impairment	-0.1	-0.1	0.0	0.0	0.0	0.0	-0.1	-0.1
Operating profit/(loss)	-7.7	-1.0	0.6	-1.8	0.0	0.0	-7.1	-2.8
Financial income/(expense)							-2.2	0.5
Foreign exch. gain/(loss), financing							1.1	-2.1
Net financial items							-1.1	-1.6
Profit/(loss) before tax							-8.1	-4.4
Tax income/(expense)							0.0	-0.2
Net profit/(loss) continued operation							-8.1	-4.5
Segment assets	51.9	114.6	24.6	18.0	0.0	0.0	76.5	132.6
Inv.m. in assoc. (equity method)	0.0	0.4	0.0	0.0	0.0	0.0	0.0	0.4
Total assets*	51.9	115.0	24.6	18.0	0.0	0.0	76.5	133.0
Segment liabilities	11.6	15.1	23.3	11.8	0.0	0.0	34.8	26.9
Total liabilities*	11.6	15.1	23.3	11.8	0.0	0.0	34.8	26.9

* For assets and liabilities both intra-segment balances and inter-segment balances are eliminated within the segment.

** Topside and Process Technolgy segment consist of KANFA AS Group and KANFA Aragon Group on a 100% consolidated basis. Sevan Marine's ownership is 51% and 50% respectively. Sevan Marine ASA has issued guarantees to support overdraft, guarantee and foreign exchange facilities for both KANFA AS and KANFA Aragon.

NOTE 4 SHAREHOLDER STRUCTURE

The 20 largest shareholder accounts as at May 16, 2016

Shareholder accounts	No. of shares	%-share
TEEKAY SERVICE HOLDI	22,893,631	43.52
HOME CAPITAL AS	2,435,448	4.63
F2 FUNDS AS	1,687,277	3.21
DNB NOR MARKETS, AKS	1,314,518	2.50
DEUTSCHE BANK AG	1,299,379	2.47
SUNDT AS	1,257,486	2.39
KING KONG INVEST AS	1,250,000	2.38
MATHIAS HOLDING AS	1,200,000	2.28
PREDATOR CAPITAL MAN	908,000	1.73
GOLDMAN SACHS INTERN	849,450	1.61
MP PENSJON PK	837,584	1.59
ANDENERGY AS	804,326	1.53
INVESCO PERP EUR SMA	765,804	1.46
CARE HOLDING AS	750,505	1.43
BAKLIEN ÅSMUND	700,000	1.33
BEKKESTUA EIENDOM AS	534,000	1.02
PARETO BANK ASA	500,000	0.95
CITIBANK, N.A.	462,125	0.88
GRANLUND HOLDING AS	427,201	0.81
INVESCO FUNDS	419,109	0.80
Total, 20 largest shareholder accounts	41,295,843	78.50
Total no. of shares	52,606,999
Foreign ownership	28,958,720	55.05

NOTE 5 LOGITEL OFFSHORE TRANSACTION

With reference to the press release from May 23, 2016, Sevan Marine initiated in January 2016 a review of the circumstances surrounding and the legality of the Logitel Offshore agreements. In February 2016, Sevan Marine, through a special Board committee, initiated a dialogue in an attempt to resolve the issues raised in an amicable manner and within the framework of applicable law. Until lately the special Board committee was very optimistic that a settlement would be reached. Unfortunately, the dialogue has recently been paused. Sevan Marine regrets the situation and is dedicated to seeking the best outcome for all its shareholders.

The outcome of this situation and any potential recovery of value is now considered uncertain. As such, there remains material uncertainty regarding both the amount and timing of any payments in relation to both the Logitel loan and variable payments due from Logitel. Accordingly, non-cash, accounting impairments and provisions of USD 8 million in relation to the convertible loan and expected variable fee amounts have been recorded as per March 31, 2016.

NOTE 6 EVENTS AFTER BALANCE SHEET DATE

Please refer to the comments regarding Logitel Offshore above.

Sevan Marine ASA - Arendal Kittelsbuktveien 5 4836 Arendal NORWAY Phone: (+47) 37 40 40 00

Fax: (+47) 37 40 40 99

Sevan Marine - Oslo Verkstedveien 3 0277 Oslo NORWAY Phone: (+47) 91 70 40 00 Fax: (+47) 37 40 40 99 Sevan Marine - Singapore 435 Orchard Road Level 11, Wisma Atria SINGAPORE 238877 Phone: (+65) 68 38 05 75 Fax: (+65) 68 36 78 86

KANFA Group

SEVAN MARINE ASA 14

FINANCIAL REPORT First Quarter 2016

INTERIM

Nye Vakås vei 80 1395 Hvalstad NORWAY Phone: (+47) 64 00 18 00 Fax: (+47) 64 00 18 01