Magnora ASA

Capital/Financing Update • Feb 17, 2015

SEVAN MARINE ASA: Delivery of Floating Accommodation Unit Arendal Spirit

SEVAN MARINE ASA: Delivery of Floating Accommodation Unit Arendal Spirit

Sevan Marine is pleased to announce the delivery of

the accommodation unit Arendal Spirit from the

Cosco, Nantong yard to Teekay Offshore Partners LP

in accordance with the agreement between Teekay

Offshore Partners LP, Cefront Technology AS and

Logitel Offshore Holdings AS announced on 12 July

The delivery triggers the payment of USD 10 million

to Sevan Marine no later than 6 months from the date

of delivery.

* * * * * *

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

Reese McNeel, CFO, Sevan Marine ASA (Analysts)

+47 37 40 40 00 office