Magnora ASA — M&A Activity 2016

Jun 28, 2016

Disposal of 50% stake in KANFA Aragon AS

Disposal of 50% stake in KANFA Aragon AS

Sevan Marine ASA is pleased to announce the disposal

of its 50% stake in KANFA Aragon AS to Sembcorp Marine

Ltd. for cash consideration of NOK 20 million. The

transaction was completed and funds received today,

June 28, 2016.

The sale will generate a one-time financial gain of

approximately USD 1 million in the Sevan Marine Group

in Q2 2016.

The disposal represents a further positive step in

Sevan Marine ASA's efforts to reduce complexity,

reduce cost and increase focus on its core cylindrical

hull technology.

* * * * * *

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 specializes 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:

Carl Lieungh, CEO, Sevan Marine ASA (Media)

+47 37 40 40 00 office

Reese McNeel, CFO, Sevan Marine ASA (Analysts)

+47 37 40 40 00 office