Magnora ASA

License and Service Agreements entered into in relation to UK North Sea opportunity

Following the participation in front end engineering

and development (FEED) work over past several months,

Sevan Marine is pleased to announce that it has signed

two agreements related to the FPSO prospect in the UK

North Sea, referred to during our third quarter 2015

earnings release. The first agreement is a Technology

License Agreement whereby the client will pay a

license fee to Sevan Marine for the right to use their

proprietary technology. The second is a Service

Agreement under which Sevan Marine will continue to

provide technical and administrative resources to the

project. Under the License Agreement payments to the

company remain subject to the field developers' final

investment decision and start of construction of the

unit, which is not expected before second half of 2016.

CEO Carl Lieungh states:

"The entering into these agreements with an oil major

is yet another verification of both the benefits and

maturity of the Sevan Marine cylindrical hull design.

We are excited have reached this stage and look

forward to working will all parties to make this

project a success."

* * * * * *

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:

Marit Ytreeide, Press Contact (Media)

+47 901 28 308 mobile

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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