Magnora ASA — Proxy Solicitation & Information Statement 2010

May 10, 2010

SEVAN - Notice of Ordinary General Meeting

SEVAN - Notice of Ordinary General Meeting

The Board of Directors of Sevan Marine ASA has convened the Ordinary

General Meeting in Sevan Marine ASA on May 31, 2010, at 5.00 p.m. (CET)

at the Company's offices at Kittelsbuktveien 5, Arendal, Norway.

Agenda for the Ordinary General Meeting:

1. Opening of the General Meeting by the Chairman of the Board of

Directors. Registration of attending shareholders

2. Election of the chairman of the meeting

3. Election of one person to sign the minutes together with the

chairman of the meeting

4. Approval of the notice for meeting and the agenda

5. Information on the Company's operations

6. Approval of the annual financial accounts for the parent

Company and the Group for the financial year 2009, and the Board of

Directors' report

7. Determination of the remuneration of the Board of Directors,

the Audit Committee and the Nomination Committee

8. Approval of remuneration of the auditor for the financial year

2009, including a briefing from the Board with regards to the

distribution of remuneration of auditing and other services

9. Election of Directors

10. Statement from the Board of Directors regarding establishment of

salary and other benefits for senior management in Sevan Marine

11. Authorizations to the Board of Directors to increase the share

capital

11.1 Withdrawal of existing authorizations to increase the share

capital

11.2 Authorization to increase the share capital to part finance

capital requirements of the Company, including those relating to

engineering, construction, equipment and/or operations of Sevan units as

well as in relation to acquisition of enterprises

11.3 Authorization to increase the share capital in connection to

employee stock option programmes and scope of stock option allocation

12. Authorization to the Board of Directors to acquire treasury

shares

13. Authorization to the Board of Directors to issue convertible

loans

14. Amendment to the Articles of Association

15. Notice period for Extraordinary General Meetings

The Notice of the General Meeting will be sent to all shareholders with

known address.

The notice, information to the shareholders regarding the General

Meeting and the documents in respect of the matters to be considered at

the General Meeting are available at the web site of Sevan Marine ASA;

www.sevanmarine.com. These may also be obtained, free of charge, by

contacting the Company's Investor Relations Coordinator; Viviana Hiis

(ph: +47 37 40 40 00, e-mail: IR@sevanmarine.com).

Attached as appendices to this announcement are (in Norwegian and

translation into English):

- Notice of the Ordinary General Meeting

- Attendance form/power of attorney

- The Board of Director's reasoning and proposal for the resolutions to

be passed

- Information to the shareholders regarding the Ordinary General Meeting

- Recommendation from the Nomination Committee

The Annual Financial Report was published on April 30, 2010.

As of today, the Company has issued 526,069,982 shares. All shares carry

one vote at the General Meeting. The Articles of Association do not

include any voting restrictions.

Shareholders who wish to attend the General Meeting are requested to

notify the Company within May 27, 2010, at 5.00 p.m. (CET) by submitting

the enclosed attendance form to Nordea Bank Norge ASA. Power of attorney

may be given to the Chairman of the Board of Directors; Arne Smedal, or

to the CEO; Jan Erik Tveteraas.

Shareholders may present proposals for resolutions in respect of the

matters to be discussed at the General Meeting. Such proposals may be

sent to the Company by e-mail to IR@sevanmarine.com or by mail to Sevan

Marine ASA, Kittelsbuktveien 5, 4836 Arendal. Proposals should be marked

"Proposals for resolutions - Ordinary General Meeting Sevan Marine ASA

2010".

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Dated: May 10, 2010

Sevan Marine ASA

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 owning, operating and licensing

FPSOs and drilling units, based on its patented cylindrical floater

technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN.

For more information, please refer to http://www.sevanmarine.com//.

For further information, please contact:

Jan Erik Tveteraas, CEO, Sevan Marine ASA (Media)

+47 37404000 office

+47 95214925 mobile

Birte Norheim, VP Finance, Sevan Marine ASA (Analysts)

+47 37404201 office

+47 95293321 mobile