Magnora ASA

M&A Activity • Feb 16, 2015

SEVAN MARINE ASA: KANFA awarded EPC contract for the FPSO Yinson Production

SEVAN MARINE ASA: KANFA awarded EPC contract for the FPSO Yinson Production

KANFA AS, a subsidiary of Sevan Marine ASA, is

pleased to announce that it has been awarded a LOA

for the Engineering, Procurement and Construction

("EPC") contract for four process modules for the

FPSO Yinson Production. The contract is expected to

have a duration of 15 months with a contract value

of approximately USD 50 million.

The FPSO Yinson Production will be deployed at the

recently sanctioned Offshore Cape Three Points Block

(OCTP), located in the Tano Basin, around 60 km off

the cost of Ghana. The OCTP Block is operated by

ENI's subsidiary ENI Ghana and the joint venture

partners; Vitol Upstream Ghana Limited and Ghanaian

state-owned Ghana National Petroleum Company.

This contract award marks the continued recognition

of the KANFA Group as a leading independent process,

design and engineering group for the Offshore Oil &

Gas Industry.

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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:

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