Magnora ASA

SEVAN MARINE ASA: Positive outcome of 2012 tax case

As announced on January 19, 2016, Sevan Marine received a

decision from Skatt Sør (Norwegian tax authorities) that the

tax assessment for 2012 was adjusted for certain deductions

related to losses on intra-group receivables following the

sale of FPSO Hummingbird during the 2011-2012 restructuring.

Sevan Marine accrued for the full amount of the potential

additional tax, interest and penalty tax in December 2015 of

NOK 40.9 million. The additional tax and interest of NOK

31.7 million was paid in February 2016.

Sevan Marine disputed the tax office's assessment. The tax

office has now informed Sevan Marine that they will reverse

their decision and no longer pursue the adjustment of the

2012 tax assessment.

In accordance with this decision, Sevan Marine will be paid

back the NOK 31.7 million paid in February 2016 plus

interest. The remaining accrual in the accounts of NOK 9.2

million for penalty tax will also be reversed in Q2 2017.

Sevan Marine will further pursue the reimbursement of

expenses incurred in disputing this case.

"We are very pleased that the tax authorities have agreed to

no longer pursue this matter. This decision will lead to a

positive NOK 40.9 million accounting gain and a cash

reimbursement of over NOK 31.7 million." says Reese McNeel,

CEO of Sevan Marine ASA.

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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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