Magnora ASA

SEVAN MARINE ASA: Notice from tax authorities on potential adjustment to 2012 tax assessment

Sevan Marine ASA («Sevan») has received a notice

from Skatt Sør (Norwegian tax authorities) that the

tax assessment for 2012 may be adjusted. Skatt Sør

contemplates an adjustment by way of reducing the

booked deduction for losses on intra-group

receivables following the sale of FPSO "Hummingbird".

No final decision has been made in the matter, and

Skatt Sør has requested additional factual

information and input to assist in its evaluation.

Sevan strongly disagrees that there is any legal or

factual basis which justifies any adjustment, and

will act upon any decision by Skatt Sør to effect an

adjustment to the 2012 tax assessment by promptly

initiating a complaint and/or taking relevant legal

action.

If a decision were to be rendered by Skatt Sør along

the lines indicated in the notice, Sevan would,

pending final resolution of the matter, have to pay

the relevant tax amount, provisionally estimated by

Sevan to be in the range of NOK 30 - 40 million.

Sevan is optimistic, however, that further factual

clarifications will result in a conclusion by Skatt

Sør that no adjustment is required.

*****

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

Kjetil Vangsnes, CFO, Sevan Marine ASA (Analysts)

+47 37 40 40 00 office

AI Terminal