Magnora ASA

M&A Activity • Apr 4, 2014

SEVAN MARINE ASA: Strategic agreement with Technip regarding KANFA

SEVAN MARINE ASA: Strategic agreement with Technip regarding KANFA

Sevan Marine ASA ("Sevan Marine") is pleased to announce that the company has on

April 3(rd)  entered into an agreement with Technip Norge AS ("Technip"), a

wholly owned subsidiary of Technip S.A, regarding the sale of 49.0% of the

shareholding in KANFA AS ("KANFA"). The parties have agreed not to disclose the

purchase price at this point in time. Upon completion of the transaction, Sevan

Marine will own 51.0% of KANFA AS and Technip will own 49.0%. The parties intend

to further enhance KANFA's development opportunities and expand the business.

KANFA, with its subsidiaries KANFA Ingenium Process AS (54.3% owned subsidiary)

and KANFA Mator AS (wholly owned subsidiary), is a leading independent topside

and process technology specialist with activities primarily in the offshore oil

and gas industry. In total, the KANFA Group employs approximately 50 highly

skilled engineers.

Technip is one of the leading oil & gas services groups in the world with a

global footprint. The cooperation will provide KANFA with new opportunities to

develop its business in the North Sea and also provide access to other oil and

gas markets. KANFA will continue to focus on its existing business model in

addition to supporting Technip in offshore FEED and EPC projects on the

Norwegian Continental Shelf going forward.

Commenting on the transaction, Sevan Marine CEO Carl Lieungh said: "We are very

satisfied with this agreement and the opportunity to work with Technip. We have

evaluated various strategic alternatives for KANFA for some time and are

confident that this will benefit both KANFA and the owners. KANFA has high

ambitions to expand the business and we now have a strong position to seize new

business opportunities in areas with mutual interests. With continued ownership

in KANFA, Sevan Marine will benefit from future growth."

Odd Strømsnes, Managing Director of Technip in Norway, stated: "KANFA brings

additional topside and process competence to Technip in his region and

reinforces Technip's presence in the North Sea offshore facility market. Technip

has been present in Norway for the last 25 years as a leading contractor in

subsea developments and offshore infrastructures and has around 750 employees.

This agreement will indeed strengthen our position in the topside market and

reinforces our capabilities and extend the range of solutions we can offer our

clients".

The agreement contemplates a potential exit subject to certain conditions in

2017. The agreement with Technip is subject to customary closing conditions.

Closing of the transaction is expected to take place by the end of April.

KANFA's shareholding in KANFA Aragon (50.0% ownership) has been transferred to

Sevan Marine and will not be part of the transaction with Technip. KANFA Aragon

will be operated on a stand-alone basis going forward.

ABG Sundal Collier Norge ASA is acting as financial advisors to Sevan Marine in

relation to the transaction. The law firm BA-HR is acting as legal advisors.

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

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