Magnora ASA

Board/Management Information • May 23, 2016

SEVAN MARINE ASA: Revised composition of the Board of Directors

SEVAN MARINE ASA: Revised composition of the Board of Directors

Reference is made to the proposal disclosed 28 April

2016 from the Nomination Committee regarding election

of board members at Sevan Marine ASA's (the "Company")

annual general meeting to be held 25 May 2016

(the "AGM").

Further to the Company's press release disclosed today

at 08:30 CET, Siri Hatlen, Chairperson of the Board

since the restructuring of the Company in 2011, has

decided to withdraw her candidacy as Chairperson of

the Board and to step down from the Board at the AGM

on 25 May 2016.

The outcome of the settlement discussions with the

involved parties, and the choice of remedies that may

have to be applied by the Company in the current

situation, may potentially create implications for the

statutory requirements as to legal competence among

the directors in dealing with these issues at the

Board going forward. Siri Hatlen has consequently, in

consideration of the best interests of the Company and

the shareholders, informed the Nomination Committee of

her decision.

The Nomination Committee representing all large

shareholder groups has with regret noted this decision

and at the same time acknowledges the considerations

made and integrity shown by Siri Hatlen in her

decision taken in this matter.

The Nomination Committee is working diligently with

the shareholders for support on an alternative

proposal for the composition of the Board and will

communicate to the market its recommendation prior to

the AGM.

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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:

Mimi K. Berdal, Chairperson of the Nomination Committee

advokat@mimi.no

+47 908 92 442 mobile