Magnora ASA

Environmental & Social Information • May 24, 2016

SEVAN MARINE ASA: Application of Sevan Marine's Cylindrical Hull for GOM Ultra Deep Water

SEVAN MARINE ASA: Application of Sevan Marine's Cylindrical Hull for GOM Ultra Deep Water

Under a program organized by the Research Partnership

to Secure Energy for America (RPSEA), Doris Inc., the

Offshore Technology Research Center (OTRC) at Texas

A&M University and Sevan Marine have carried out

further research and model scale testing of Sevan

Marine's cylindrical hull for application in GOM ultra

deep water. The model tests at OTRC confirm the

favorable motion characteristics of the Sevan Marine

design enabling the application of with Steel Catenary

Risers (SCR) and permanent mooring in even the

harshest hurricane conditions. Several major oil

companies attended the Industry Day held on Wednesday,

May 11, 2016 further highlighting the keen interest

which exists in the market for Sevan Marine's

cylindrical design.

Further research and testing is planned in order to

bring Sevan Marine's patented SCR concept to its full

potential. Sevan Marine is confident that this can be

a game changing technology for deep water offshore

applications particularly in the U.S. Gulf of Mexico's

outer continental shelf in years to come.

Sevan Marine would like to give its special thanks to

Doris Inc., the OTRC and RPSEA for their great support.

Funding for the projects is provided through

the "Ultra-Deepwater and Unconventional Natural Gas

and Other Petroleum Resources Research and Development

Program" authorized by the Energy Policy Act of 2005.

This program-funded from lease bonuses and royalties

paid by industry to produce oil and gas on federal

lands-is designed to assess and mitigate risk

enhancing the environmental sustainability of oil and

gas exploration and production activities. RPSEA is

under contract with the U.S. Department of Energy's

National Energy Technology Laboratory to administer

three areas of research. RPSEA is a 501(c)(3)

nonprofit consortium with more than 180 members,

including 24 of the nation's premier research

universities, five national laboratories, other major

research institutions, large and small energy

producers and energy consumers. The mission of RPSEA,

headquartered in Sugar Land, Texas, is to provide a

stewardship role in ensuring the focused research,

development and deployment of safe and environmentally

responsible technology that can effectively deliver

hydrocarbons from domestic resources to the citizens

of the United States. Additional information can be

found at www.rpsea.org

* * * * * * *

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 (Media)

+47 37 40 40 00 office

Reese McNeel, CFO, Sevan Marine ASA (Analysts)

+47 37 40 40 00 office