Magnora ASA

Legal Proceedings Report • Jun 29, 2015

SEVAN MARINE ASA: Investigation Launched

Sevan Marine ASA (the "Company") has recently become aware of articles in the Brazilian press which refer to a former manager and agent of Sevan Marine being named in connection with the Brazilian authorities' investigation into corrupt activities involving Petrobras and Operation Car Wash ("Lava Jato").

Based on the specific content of the Brazilian press articles, including that Sevan is named, the Company has engaged the law firm Selmer to conduct an investigation. Sevan Marine ASA has offered full co-operation and has been in contact with the relevant authorities on this matter.

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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:

Siri Hatlen, Chairperson, Sevan Marine ASA siri.hatlen@sevanmarine.com +47 917 44 863 mobile (available from 11:30 am CET on Monday, June 29, 2015)

Carl Lieungh, CEO, Sevan Marine ASA carl.lieungh@sevanmarine.com +47 916 64 720 mobile