Magnora ASA

SEVAN MARINE ASA: Logitel Offshore Delays and Impairment

Reference is made to the Q1 2015 report dated May

19, 2015 where the risk of potential delays in the

delivery of units 2 and 3 is highlighted. Sevan

Marine ASA has now been informed that Logitel

Offshore has entered into an agreement with COSCO to

delay the delivery of unit 2 for up to 12 months

until October 2016 with the ability to take delivery

earlier if required. In addition, a postponement of

work for 120 days has been agreed with respect to

unit 3.

As previously communicated, this will lead to delays

in payment to Sevan Marine ASA in relation to these

two vessels and increases the risk that options for

further new builds will not be called off and / or

such call offs will be delayed. Subject to final

review, these factors, combined with the market

outlook, are expected to lead to a non-cash

impairment in the range of USD 35 - 40m in the

carrying value of the convertible loan and accrued

interest.

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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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