Magnora ASA — M&A Activity 2014

Apr 7, 2014

SEVAN MARINE ASA: MOU with Teekay Shipping

SEVAN MARINE ASA: MOU with Teekay Shipping

Xcite Energy Limited, through its 100% subsidiary Xcite Energy Resources Limited

("XER"), has entered into a Memorandum of Understanding ("MOU") with Teekay

Shipping Norway AS ("Teekay"), which sets out the principles of co-operation for

the supply of a floating storage and offloading ("FSO") facility for the life of

the UK CNS Bentley field. The FSO is based on Sevan Marine's cylindrical floater

technology, and will be bridge linked to the Bentley production platform.

XER and Teekay intend to work together on an exclusive basis during the project,

from front end engineering through fabrication, hook up and onwards into

production operations and maintenance.

Sevan Marine ASA will work closely with, and formally as a sub-contractor to,

Teekay under this MOU.

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

Kjetil Vangsnes, CFO, Sevan Marine ASA (Analysts)

+47 37 40 40 00 office

[HUG#1774932]