Magnora ASA

Earnings Release • Feb 21, 2017

SEVAN MARINE ASA - Fourth quarter 2016 results

SEVAN MARINE ASA - Fourth quarter 2016 results

Sevan Marine reported revenue for continued operations in

the fourth quarter 2016 of USD 2.2 million, as the company

continued to support two cylindrical FPSO developments for

the UK Continental Shelf, one cylindrical FLNG project for a

US Major and delivered engineering support for the Goliat

project in the Barents Sea.

Sevan Marine continued to reduce its cost base with further

headcount reductions and management changes implemented. A

restructuring charge of USD 1.0 million affected this

quarter's earnings and EBITDA was negative USD 1.4 million

(negative USD 0.9 million last quarter).

The company is in a solid financial position, with a net

cash position of USD 24.8 million and an equity ratio of 60

percent.

The main focus going forward is to continue to develop

relationships with large oil companies to promote the proven

Sevan Marine design, our specialty marine engineering

services and to be well positioned to take advantage of

opportunities in an improving market

Reese McNeel CEO will today at 10:00 CET (Oslo time) host a

conference call for investors, analysts and other interested

parties.

A Q&A session will follow the presentation and information

on how to submit questions to management will be given at

the beginning of the Q&A session. To participate in the

management presentation of the results, please dial in 5-10

minutes prior to the start time using the numbers and

confirmation code below.

Call in numbers:

Norway: +47 2350 0296

International dial in: +44 (0)330 336 9411

The participants will be asked for their name, company and

confirmation code.

The Sevan Marine confirmation code is: 6261109.

Presentation material that will be used during the call is

attached and also available at www.sevanmarine.com. The

presentation will be in English.

For more information please contact:

Reese McNeel, CEO, Sevan Marine ASA

reese.mcneel@sevanmarine.com

+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.

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.