Magnora ASA

SEVAN MARINE secures long term framework agreement with ExxonMobil

Sevan Marine ASA is pleased to announce that it has entered

into a long term framework agreement with ExxonMobil for the

provision of services and use of Sevan Marine's cylindrical

hull technology.

Sevan Marine has worked with ExxonMobil since 2015, when the

company was awarded a feasibility study to explore the use

of Sevan Marine's cylindrical hull for a FLNG development.

Sevan Marine is currently working on a follow up study

focusing on the hull and marine aspects of Sevan Marine's

unique cylindrical design

The total value of the framework agreement is subject to the

calling off of individual orders. Sevan Marine expects the

first order under this agreement, involving the continuation

of engineering and FLNG design work, to be called off later

in February.

"We are delighted to have secured this long term frame

agreement with ExxonMobil. It is a further milestone in the

development of Sevan Marine, its cylindrical hull design and

its engineering capabilities. We look forward to continuing

to support ExxonMobil in the years to come," says Reese

McNeel, CEO of Sevan Marine ASA. He continues: "Sevan Marine

has received substantially increased interest in its unique

design from several oil companies over the last months and

the company believes this is a reflection of a changing

market place, increased willingness of large oil companies

to consider different technologies and Sevan Marine's own

business development efforts".

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Sevan Marine ASA is specializing in design, engineering and

project execution of floating units for offshore

applications, based on its 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:

Reese McNeel, CEO, Sevan Marine ASA

+47 415 08 186

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.

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