Magnora ASA

Capital/Financing Update • Aug 11, 2014

SEVAN MARINE ASA: Logitel Offshore - Teekay has exercised the first FAU option

SEVAN MARINE ASA: Logitel Offshore - Teekay has exercised the first FAU option

With reference to our announcement on 10 July 2014, Teekay Offshore Partners LP

has advised that they have exercised the first of six options to build another

Floating Accommodation Unit (FAU) based on the Sevan design at the Cosco

Shipyard, Nantong, for delivery in Q3 2016, thus expanding the current building

programme to three units.

CEO Carl Lieungh comments "Sevan's cylindrical hull design is perceived to have

several competitive advantages relative to competitors such as; lower cost,

higher deck load capacity,  better stability and more storage space. Teekay's

exercise of the first FAU option will also have a positive effect on our

earnings".

**********

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

[HUG#1847983]