Magnora ASA

Adjustment to 2012 tax assessment

Reference is made to the Stock Exchange notice of 12

December 2014 regarding a potential adverse adjustment

to Sevan Marine's 2012 tax assessment. At that time,

the tax authorities advised that certain deductions

for losses on intra-group receivables following the

sale of assets during the 2011-2012 restructuring

might be challenged.

The tax authorities (Skatt Sør) have now notified

Sevan Marine that a decision has been made not to

accept Sevan Marine's treatment of the losses for tax

purposes following the sale of the FPSO "Hummingbird".

Accordingly, an additional tax of approximately NOK 23

million will be imposed together with potential

penalty tax. The additional tax is expected to become

payable within a few weeks, whereas any penalty tax

will become payable only if and to the extent the

matter is ultimately resolved in favour of the tax

authorities' position. Sevan Marine strongly disagrees

with the tax authorities' view with respect to the

factual as well as legal issues, and will take legal

action to contest the decision.

* * * * * *

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 specializes 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

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