Magnora ASA

AGM Information • May 23, 2014

Sevan Marine ASA : Minutes from Annual General Meeting

Sevan Marine ASA : Minutes from Annual General Meeting

Sevan Marine ASA has today on May 23, 2014, held its Annual General Meeting. All

the proposals from the Board of Directors to the General Meeting were approved.

Attached to this announcement are the minutes of the Annual General Meeting in

Norwegian and translation into English.

THE BOARD OF DIRECTORS

The shareholder members to the Board of Directors, elected by the General

Meeting for a period of one year, are:

Siri Hatlen (Chairperson, re-elected)

Jørgen P. Rasmussen (newly elected)

Mari Thjømøe (Director, re-elected)

Ingvild Sæther (Director, re-elected)

Peter Lytzen (Director, re-elected)

In addition, two Directors have been elected by and among the employees of Sevan

Marine for a period of two years:

Hans Olav Sele - (Director - elected by the employees)

Sidsel Skagen - (Director - elected by the employees)

Mona M. Rødland - (Deputy Director for Hans Olav Sele)

Arne Lien Sødal - (Deputy Director for Sidsel Skagen)

***

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, with a main focus on Floating

Production, Storage and Offloading units (FPSOs). 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#1788222]