Magnora ASA — Earnings Release 2009

Feb 10, 2010

Sevan Marine: Q4 Results 2009

Sevan Marine: Q4 Results 2009

Operating revenue for the quarter amounted to USD 53.8 million (USD 44.2

million). EBITDA was USD - 10.1 million (USD - 61.6 million) of which

USD 10.3 million was a one-off accrual of decommissioning cost relating

to FPSO Sevan Voyageur. Operating loss was USD 31.1 million (USD 78.3

million), and net loss was USD 40.9 million (USD 75.5 million).

Operating revenue for the quarter was USD 9.6 million higher than

previous year mainly as a result of a higher level of reimbursable

expenses relating to FPSO Sevan Hummingbird and FPSO Sevan Voyageur as

well as profit sharing revenue for FPSO Sevan Voyageur. Lower activity

in the Topside and Process Technology segment was offset by higher

revenue from various studies and FEEDs, including the Goliat Post FEED.

Operating expense for the quarter was USD 47.1 million lower than

previous year mainly because of one-off expenses in previous year not

being repeated in current year. This effect was partly offset by a

higher level of reimbursable expenses in current year, also reflected in

the revenues above, as well as the accrual of decommissioning cost of

USD 10.3 million as referred to above.

Net foreign exchange gains relating to financing of USD 1.4 million (USD

35.7 million) were mainly a result of foreign exchange gains from cash

deposits.

Financial expense through profit and loss decreased by USD 4.1 million

to USD 17.0 million (USD 21.1 million) mainly as a result of lower

effective interest rates compared to previous year.

As of December 31, 2009, total assets amounted to USD 2,348.9 million

(USD 1,926.7 million), of which USD 1,904.3 million (USD 1,693.0

million) was capitalized as 'Sevan Capital Assets'.

Cash and cash equivalents amounted to USD 163.0 million (USD 50.3

million).

As of December 31, 2009, the Group had an undrawn bank facility of USD

44 million and unused long term vendor credit facilities relating to

Sevan Driller II of approximately USD 80 million.

Jan Erik Tveteraas (CEO), Birte Norheim (Vice President Finance), Oskar

Mykland (CFO) and Erling Ronglan (Vice President Operations) will at

2:00 p.m. today give a presentation of the results at Shippingklubben,

Haakon VII`s gate 1, Oslo. The presentation will be in English.

The presentation will also be broadcasted LIVE at

http://www.sevanmarine.com/. It is advised that you log on to the

webcast 5 minutes in advance.

If you wish to call-in to listen to the presentation, please find the

call-in details attached.

In line with the resolution passed by the General Assembly on January 7,

2010, the Company will no longer distribute the interim-reports by mail

as a service to shareholders. The interim-reports will continue to be

made available at the corporate website.

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 listed on Oslo Børs (ticker SEVAN) and is

specializing in building, owning and operating floating units for

offshore applications. The Company has developed a cylinder shaped

floater, suitable in all offshore environments. Presently, Sevan Marine

has four FPSO contracts, including the Goliat Sevan 1000 FPSO, and three

drilling contracts with clients. The Company is also developing other

application types for its cylindrical Sevan hull, including floating LNG

production and power plants with CO2 capture. For more information,

please refer to http://www.sevanmarine.com/.

For information, please contact:

Jan Erik Tveteraas, CEO, Sevan Marine ASA (Media)

+47 37404000 office

+47 95214925 mobile

Birte Norheim, VP Finance, Sevan Marine ASA (Analysts)

+47 37404201 office

+47 95293321 mobile