Magnora ASA

Board/Management Information • Oct 10, 2016

SEVAN MARINE ASA - Change in Leadership

SEVAN MARINE ASA - Change in Leadership

Change in Leadership

CEO Carl Lieungh and the Board of Directors of Sevan

Marine ASA ("Sevan Marine" or the "Company") have

agreed that Carl Lieungh will step down as CEO

effective 01 January 2017. The Board has appointed the

current CFO, Reese McNeel, as the new CEO of Sevan

Marine.

Carl Lieungh and the Board of Directors have entered

into an agreement whereby Carl will step down as CEO

with effect from 01 January 2017 and will continue as

an advisor to the Board of Directors with

responsibilities related to various tasks within the

group until the end of 2017.

The Board of Directors has appointed the current CFO,

Reese McNeel, as CEO of Sevan Marine from 01 January

2017. Reese McNeel will in parallel continue to carry

out the CFO function in Sevan Marine.

"I would like to thank Carl for his great efforts

during his 5 year tenure with Sevan Marine. Sevan

Marine has under his leadership been transformed from

an asset heavy Company to a design and engineering

Company. This has taken place under challenging market

conditions. Carl Lieungh has also dealt with various

legacy issues following the restructuring and split of

the Company back in 2011," says Erling Øverland,

Chairman of the Board.

"It has been a privilege to lead Sevan Marine in a

very exciting and challenging period. Sevan Marine has

a unique technology which has proven its excellence in

many areas as well as representing a very cost

effective solution. The Company has a workforce of

highly experienced and competent employees, and I

would like to thank everyone for the good cooperation

and strong commitment in their daily work. I look

forward to continuing to support the Company's

development," says leaving CEO Carl Lieungh.

"We are very pleased that Reese McNeel has accepted to

lead the Company. Reese is already a key member of

Sevan Marine's management team and has been

instrumental for the Company in its current phase of

development and in managing the challenges Sevan

Marine faces. We are convinced that Reese is the right

leader to ensure continuity, drive cost efficiency and

further develop the Company going forward," says

Erling Øverland, Chairman of the Board.

"Sevan Marine has a set of unique, proven and cost

efficient technologies which is supported by a group

of talented and dedicated engineers. I am both excited

and honoured to be able to lead this team. The

offshore industry and the Company continue to face

challenging times. Sevan Marine has already taken

numerous steps to adjust to this new situation and

will continue to do so. Together with the team, I look

forward to setting Sevan Marine on a path of future

growth and profitability." says Reese McNeel incoming

CEO of Sevan Marine.

* * *

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:

Erling Øverland, Chairman of the Board

erling.overland@trifolium.no

+47 915 56 542 mobile

Carl Lieungh, CEO, Sevan Marine ASA

carl.lieungh@sevanmarine.com

+47 916 64 720 mobile

Reese McNeel, CFO, Sevan Marine ASA

reese.mcneel@sevanmarine.com

+47 415 08 186 mobile