Magnora ASA

Board/Management Information • Nov 28, 2014

Shift in CFO role in Sevan Marine ASA

Shift in CFO role in Sevan Marine ASA

As of January 1st, 2015, the CFO role in SM ASA will

shift from Mr. Kjetil Vangsnes to Mr. Reese McNeel.

On this occasion, Sevan Marine's CEO, Mr. Carl

Lieungh, stated: "I wish to thank Mr Vangsnes for

his valuable contribution to Sevan Marine's

successful restructuring from 2011 onwards. He

played a crucial role in successfully sorting out

many of Sevan Marine's historical liabilities,

restoring Sevan Marine's reputation and putting in

place improved governance and reporting. At the same

time, I'm pleased to welcome Mr. McNeel onboard our

team and am confident that he will add significant

value to our Company going forward."

Mr. McNeel joins from AlixPartners where he held

numerous interim finance roles. He has worked

extensively with major oil companies and offshore

service providers and has experience working across

Europe and the US. Mr. McNeel is a Chartered

Financial Analyst (CFA) and holds an MBA from IESE

Business School, Barcelona, Spain.

Mr. Vangsnes will continue to work for the company

as Special Advisor for a period of up to six months.

*****

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