Magnora ASA

AGM Information • May 2, 2014

SEVAN MARINE ASA: Notice of Annual General Meeting

SEVAN MARINE ASA: Notice of Annual General Meeting

SEVAN MARINE ASA: Notice of Annual General Meeting

The Board of Directors of Sevan Marine ASA has convened the Annual General

Meeting in Sevan Marine ASA on Friday 23 May 2014, at 12:00 noon (CET) at the

Company's offices at Kittelsbuktveien 5, Arendal, Norway.

The agenda of the Annual General Meeting is as follows:

1. Opening of the General Meeting by the Chairperson of the Board of

Directors. Registration of attending shareholders.

2. Election of the chairperson of the meeting. The Board of Directors has

proposed that the meeting is chaired by the Chairperson of the Board of

Directors.

3. Election of a person to sign the minutes together with the chairperson of

the meeting.

4. Approval of the notice for the meeting and the agenda.

5. Information about the Company's operations.

6. Approval of the annual financial statements for the Parent Company and the

Group for the financial year 2013, and the Board of Director's report. The

Board of Directors proposes that a dividend of NOK 1.20 per share is paid

for the financial year 2013.

The share will be traded ex. dividend on the Oslo Stock Exchange from and

including 26 May 2014. Dividend will be paid on or about 4 June 2014, to

the bank account registered on the relevant shareholder's securities

depository (VPS) account.

7. Statement from the Board of Directors regarding determination of salary and

other benefits for Senior Management.

8. Determination of the remuneration to the members of the Board of Directors,

the Audit Committee and the Compensation Committee for the foregoing

period.

9. Determination of the remuneration to the members of the Board of Directors,

the Audit Committee and the Compensation Committee for the upcoming period.

10. Determination of the remuneration to the members of the Nomination

Committee.

11. Approval of the remuneration to the auditor for 2013.

12. Election of members to the Board of Directors.

13. Election of members to the Nomination Committee.

14. Authorization to the Board of Directors to increase the share capital in

connection with incentive scheme for employees.

The notice of the General Meeting will be sent to all shareholders with known

address.

The notice, the Board of Director's proposals to the resolutions to be passed at

the general meeting, other documentation regarding the matters to be considered,

the proposal from the nomination committee and further information about the

shareholders' rights regarding the General Meeting are available at the web site

of Sevan Marine ASA; www.sevanmarine.com. The documents in respect of the

matters to be considered at the General Meeting may also be obtained, free of

charge, by contacting the Company's Investor Relations Coordinator; Leif Gerhard

Andersen jr. (tel: +47 37 40 40 00, e-mail: ir@sevanmarine.com).

Attached as appendices to this announcement are (in Norwegian and translation

into English):

* Notice of the Annual General Meeting

* Attendance form and power of attorney

* The Board of Directors' proposal for the resolutions to be passed

* Proposal from the Nomination Committee

* Information to the shareholders regarding the Annual General Meeting

As at the date hereof, the Company has issued 52,606,999 shares. Each share

carries one vote at the General Meeting. The Articles of Association do not

include any voting restrictions.

Shareholders who wish to attend the General Meeting are requested to notify the

Company within 21 May 2014, 5.00 p.m. (CET) by submitting the enclosed

attendance form to Nordea Bank Norge ASA. Power of attorney may be given to the

Chairperson of the Board of Directors; Siri Hatlen, or to the CEO; Carl Lieungh.

Shareholders may present proposals for resolutions in respect of the matters to

be discussed at the General Meeting. Such proposals may be sent to the Company

by e-mail to ir@sevanmarine.com or by mail to Sevan Marine ASA, Kittelsbuktveien

5, 4836 Arendal. Proposals should be marked "Proposals for resolutions - Annual

General Meeting Sevan Marine ASA 2014".

***

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#1782303]