Magnora ASA

SEVAN MARINE ASA: CeFront Cooperation

We refer to previous communication regarding the

cooperation agreement between CeFront Technology AS

("CeFront") and Sevan Marine ASA, including the Q1

2015 results presentation.

The parties have today agreed to terminate the

cooperation agreement. Sevan Marine will no longer be

obligated to buy services or pay any further amounts

to CeFront. CeFront will no longer market or have

access to Sevan Marine's technology. Sevan Marine will

have no preferential rights to use CeFront's services.

Sevan Marine will make no additional payments under

the Cooperation Agreement. This represents an

approximate MNOK 30 saving in current and future

payment obligations for Sevan Marine.

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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:

Carl Lieungh, CEO, Sevan Marine ASA

+47 916 64 720 mobile

Reese McNeel, CFO, Sevan Marine ASA

+47 415 08 186 mobile

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