Magnora ASA

M&A Activity • Feb 4, 2014

SEVAN MARINE ASA: Sevan Marine acquires TORP LNG

SEVAN MARINE ASA: Sevan Marine acquires TORP LNG

Sevan Marine ASA has acquired the technology rights of TORP LNG AS and its

affiliates. This acquisition gives Sevan Marine ownership of the proprietary

HiLoad technology for offshore loading of LNG (Liquefied Natural Gas). The

HiLoad technology was originally developed for offshore loading of crude oil and

the technology rights related to loading of oil remains with Remora.  The first

HiLoad unit, owned by Teekay Offshore, is about to commence operations offshore

Brazil.

Sevan Marine, best known for its cylindrical FPSOs, drilling units and lately

accommodation rigs via Logitel Offshore, has developed a Floating LNG platform,

FLNG, based on the cylindrical hull shape which eliminates the need for

expensive turret and swivel solutions. Because of the extremely low temperature

of LNG, minus 163 deg. C, offshore loading of LNG has been complicated and

potential operators of FLNG units have been on the look- out for new, safe and

cost efficient solutions. With the acquisition of TORP LNG, Sevan Marine intends

to provide the market with such a solution for safe offshore transfer of LNG. A

new Sevan Marine subsidiary, HiLoad LNG AS, has been incorporated and is

offering the HiLoad technology for offshore LNG transfer as a stand-alone

solution for any FLNG unit, or in combination with Sevan's cylindrical FLNG

unit.

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

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