Magnora ASA

M&A Activity • Jul 10, 2014

SEVAN MARINE ASA: Logitel transaction

SEVAN MARINE ASA: Logitel transaction

In its capacity as lender under its MUSD 60 convertible loan agreement (the

"Convertible") with Logitel Offshore Pte Ltd, Sevan on May 15th announced that

it had entered into a tri-partite letter of intent (the "LOI") with Teekay

Offshore Partners LP ("TOO") as buyer and Cefront Technology AS ("Cefront") as

seller of all of the shares in Logitel Offshore Holdings AS ("Logitel").

Final and binding agreement has been signed and closing will occur upon Cosco

Shipyards board approval (expected week 29/2014), thereby releasing Sevan from

its potential financial liability as "intervening party" under Logitel's

employment contract with Petrobras in respect of Floating Accommodation Unit

("FAU") No. 1. Further, Sevan will retain its MUSD 60 convertible loan with

certain amendments; entailing that repayment profile and maturity for the

Convertible is amended to six instalments of MUSD 10 as and when further FAUs

are delivered. Sevan will also receive license fees and provide services as the

FAUs are built by TOO.

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

[HUG#1820575]