Magnora ASA

Quarterly Report • Nov 19, 2014

14 SEVAN MARINE ASA INTERIM FINANCIAL REPORT - Third quarter

SEVAN MARINE ASA 2 INTERIM FINANCIAL REPORT Third quarter 2014

CONTENTS

INTERIM FINANCIAL REPORT THIRD QUARTER 2014

Main events and developments, third quarter 2014 3
Introduction 3
Main figures, third quarter 2014 3
Business segments 4
Outlook . 4

INTERIM FINANCIAL STATEMENTS

Condensed Consolidated Income Statement 5
Statement of Comprehensive Income 5
Condensed Consolidated Balance Sheet 6
Condensed Consolidated Cash Flow Statement 7
Condensed Consolidated Statement of Changes in Equity 8
Key Figures 8

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Note 1	General accounting principles 9
Note 2	Related party transactions 9
Note 3	Segment information 10
Note 4	Shareholder structure 12
Note 5	Loan 13

INTERIM FINANCIAL REPORT THIRD QUARTER 2014

FOR

SEVAN MARINE ASA

('SEVAN MARINE' OR THE 'COMPANY', AND TOGETHER WITH ITS SUBSIDIARIES THE 'GROUP')

MAIN EVENTS AND DEVELOPMENTS, THIRD QUARTER 2014

• Continued high activity within the FPSO/FSO market segment. Sevan Marine has during the quarter been working on the FPSO pre-FEED for the Penguins field with Shell, FPSO FEED phase for the Bream field with Premier, as well as three potential FSOs for the Bentley, Sea Lion and Culzean fields, respectively, in a partnership with Teekay. The Sea Lion project has recently changed from a FSO to a FPSO project.
• Sevan's FLNG solution is gathering attention among FLNG project developers for a cylindrical FLNG hull with storage of 220.000 m³ and a liquefaction capacity up to 2.5 mtpa. Sevan is currently in discussions with several oil & gas majors as well as specific project developers for the application of the Sevan FLNG unit for projects worldwide. Furthermore, Sevan's acquired technology for offshore transfer of LNG, HiLoad LNG, is being considered by a number of projects as the offloading solution, as it improves safety, regularity and flexibility by eliminating the need for expensive dedicated LNG carriers.
• New Logitel agreements reduce risk and strengthen floating accommodation initiative

In July, Sevan finalized an agreement with Teekay that has opened a new line of business within the accommodation market as well as reduced Sevan's risk exposure relative to Logitel. Down payment of MUSD 30 of the convertible loan of MUSD 60 is secured by the third quarter.

• Weak quarter for Topside and Process Technology The quarter was negatively impacted by start-up cost for KANFA Aragon's subsidiary in Houston, Texas. This business development initiative is expected to significantly strengthen KANFA Aragon's market position in the US LNG and FLNG markets. Further, the margin on two process equipment packages has been reduced.
• Operation and financial position
• Operating revenue of USD 77.2 million was USD 5.9 million higher than first three quarters 2013. EBITDA of USD 4.4 million was USD 2.2 million lower than first three quarters 2013.

Cash position was 30.7 USD million as of end September. Cash is currently tied up in receivables, and the cash position is expected to improve during the next few months.

• Dividend policy

The Board has communicated a strategic target of paying an annual dividend.

Sevan Marine is a technology, project development and engineering company. Sevan Marine has developed a cylinder shaped floater suitable for the offshore environment. Sevan is delivering products and solutions to the E&P industry, utilizing its core competencies within the areas of design, engineering and project execution. The basis for the products and solutions provided is the Sevan technology.

The Group has no interest-bearing debt and focus is on securing new projects under a technology license model within the FPSO/ FSO/FLNG market, as well as within other offshore markets. Sevan´s strategic relationship with Teekay gives scale and business opportunities within existing markets and positions the Sevan technology for new areas and applications.

Sevan Marine´s business segment Topside and Process Technology has developed its business over the past years, and contributes with a substantial portion of the Group's total revenue. Sevan has entered into a strategic partnership with Technip, with an objective to develop its business in the North Sea and provide access to other oil and gas markets. In relation to this, Sevan Marine earlier this year agreed to sell 49 per cent of KANFA AS to Technip Norge AS.

MAIN FIGURES, THIRD QUARTER 2014

(Previous quarter figures in brackets)

Operating revenue for the third quarter 2014 was USD 25.2 million (USD 27.4 million). EBITDA was positive with USD 1.5 million (USD 1.2 million), and operating profit was USD 1.4 million (USD 1.1 million). Net profit was USD 1.3 million (USD 1.4 million).

Trade and other receivables have increased by MUSD 15.5 to MUSD 54.2, due to part of the loan to Logitel having been reclassified from non-current to current assets, as well as working capital changes in the T&P segment.

As of Q3 2014, cash and cash equivalents amounted to USD 30.7 million (USD 35.8 million). Capital is currently tied up in receivables, and the cash position is expected to improve during the next few months.

The equity ratio was 72.2 per cent as of September 30, 2014 (71.4 per cent).

BUSINESS SEGMENTS

The Group's segment reporting is divided into: (i) Floating Production and (ii) Topside and Process Technology.

Floating Production

The main activities in the Floating Production segment relate to engineering and project management in ongoing projects, i.e. the ENI Goliat, the Dana Petroleum Western Isles projects, and several engineering studies for possible new FPSO/FSO projects as well as within the accommodation and drilling markets.

External revenue in Q3 2014 amounted to USD 16.6 million (USD 15.4 million), and EBITDA was positive with USD 3.0 million (USD 1.7 million). The increase in EBITDA is driven by improved margins on engineering projects in the quarter.

Topside and Process Technology

This business segment consists of the activities of the KANFA companies. External revenue in Q3 was USD 8.6 million (USD 12.0 million) and EBITDA was negative with USD 1.5 million (negative USD 0.5 million). The margin is negatively affected by reduced margins from projects, as well as start-up costs for KANFA Aragon in Houston.

The activity in the Topside and Process segment relates primarily to the detailed engineering work on process equipment packages for projects such as Edvard Grieg, Aasta Hansteen, Nyhamna og Martin Linge.

OUTLOOK

The Board is still of the opinion that the increased focus on cost effective solutions in the petroleum industry should be favourable for the Company, as floating units based on Sevan's technology represent inherent advantages. Amongst these are excellent motion characteristics, high deck load capacity, large storage space and lower cost compared with alternatives, when e.g. a turret is needed.

Sevan is working on several leads and studies within the FPSO and FSO markets. Further to this, the Company expects that some of these leads will end up as license agreements. The strategic relationship with Teekay has developed well, and has materialised in several new prospects and opportunities. The cooperation is based on non-exclusivity and focuses on joint sales and marketing efforts for FPSO and FSO lease contracts, as well as FEED studies and projects. An important objective going forward will be to further strengthen and take advantage of the opportunities generated by our combined forces.

FLNG is one of the fastest growing markets within LNG globally, and Sevan has positioned itself within this segment by developing a concept based on proprietary technology. It has been well received by several potential clients and it is expected that paid studies will be carried out in the near/medium term to develop the concept further.

Teekay's acquisition of Logitel Offshore this summer has generated new opportunities within a new business stream in Floating Accommodation Units (FAUs) based on the Sevan design. In addition to two ongoing vessels, Teekay in August called off a third high end accommodation unit with the COSCO yard, thus confirming Teekay's intent to build a fleet of FAUs over the coming years.

Due to lower oil prices and reduced activity, the drilling market is expected to be challenging for the next years. Sevan is however still engaged in developing next generation drilling units for harsh environments, as well as arctic conditions.

For Topside and Process Technology the strategic relationship and cooperation with Technip is expected to open up a larger market, draw on KANFA's resources, as well as generate new leads in the markets where Technip operates. In parallel with this, the 50%-owned company KANFA Aragon is primarily focusing on the gas processing and FLNG markets, both of which represent positive prospects.

Arendal, November 18, 2014

The Board of Directors of Sevan Marine ASA

INTERIM FINANCIAL STATEMENTS

THIRD QUARTER OF 2014

CONDENSED CONSOLIDATED INCOME STATEMENT

Unaudited figures in USD million	Note	Q3 14	Q2 14	30.09.14	Q3 13	30.09.13	2013
Operating revenue	2	25.2	27.4	77.2	26.1	71.3	97.4
Operating expense		-23.6	-25.9	-72.4	-23.4	-64.8	-88.2
EBITDAFX		1.6	1.5	4.9	2.7	6.6	9.3
Foreign exchange gain/(loss) relating to operation		-0.1	-0.3	-0.5	0.1	0.0	0.1
EBITDA		1.5	1.2	4.4	2.8	6.6	9.4
Depreciation, amortization and impairment		-0.1	-0.1	-0.4	-0.2	-0.5	-0.7
Operating profit/(loss)		1.4	1.1	4.0	2.7	6.2	8.7
Financial income/(expense)		0.5	0.6	1.6	1.8	25.5	27.5
Foreign exchange gain/(loss) relating to financing		-0.5	-0.2	-0.4	0.1	-1.5	-1.4
Net financial items		0.0	0.4	1.2	1.9	24.0	26.1
Profit/(loss) before tax		1.4	1.5	5.2	4.5	30.2	34.8
Tax income/(expense)		-0.1	-0.1	-0.3	0.0	0.0	0.0
Net profit/(loss) continued operations		1.3	1.4	5.0	4.5	30.2	34.7
Net profit/(loss) discontinued operations		0.0	0.0	0.0	0.0	0.9	0.9

STATEMENT OF COMPREHENSIVE INCOME

Unaudited figures in USD million	Q3 14	Q2 14	30.09.14	Q3 13	30.09.13	2013
Net profit/(loss)	1.3	1.4	5.0	4.5	31.1	35.6
Pension	0.0	0.0	0.0	0.0	0.0	0.0
Foreign currency translation	-0.1	-0.3	-0.3	0.2	-0.4	-0.2
Total comprehensive income	1.2	1.1	4.7	4.7	30.7	35.4

CONDENSED CONSOLIDATED BALANCE SHEET

Condensed Consolidated Balance Sheet
Unaudited figures in USD million	Note	30.09.14	30.06.14	30.09.13	31.12.13
Fixed assets		0.9	0.8	0.8	0.7
Intangible assets		12.5	12.5	12.7	12.6
Investments in associates		0.4	1.4	0.0	0.4
Deferred income tax assets		8.1	8.1	8.2	8.1
Loan	5	50.0	60.0	60.0	60.0
Other non-current assets		7.6	5.8	1.4	2.9
Total non-current assets		79.5	88.6	83.0	84.8
Trade and other receivables	2	54.2	38.7	38.0	38.9
Cash and cash equivalents		30.7	35.8	40.2	41.2
Total current assets		84.9	74.5	78.2	80.1
Total assets		164.5	163.1	161.2	164.9
Share capital	4	34.6	34.6	34.6	34.6
Other equity		84.1	81.9	88.4	88.4
Total shareholders' equity		118.7	116.5	123.0	123.0
Non-controlling interest		9.5	10.4	2.1	3.2
Total equity		128.1	126.9	125.0	126.3
Retirement benefit obligations		0.8	0.7	1.3	0.9
Other non-current liabilities/provisions		1.8	2.3	3.2	3.0
Total non-current liabilities		2.6	3.0	4.5	3.9
Current liabilities	2	33.7	33.2	31.7	34.8
Total current liabilities		33.7	33.2	31.7	34.8
Total liabilities		36.3	36.2	36.2	38.6
Total equity and liabilities		164.5	163.1	161.2	164.9

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

Unaudited figures in USD million	30.09.14	Q3 14	Q2 14	Q1 14	30.09.13	2013
Cash flows from operation activities
Cash from operations	-5.9	-4.9	3.3	-4.3	-1.4	0.0
Taxes paid	-0.4	-0.1	-0.2	-0.1	-0.2	-0.6
Net cash generated from continued operating activities	-6.3	-5.0	3.1	-4.4	-1.6	-0.6
Net cash generated from discontinued operating activities	0.0	0.0	0.0	0.0	-3.7	-3.7
Net cash generated from operating activities	-6.3	-5.0	3.1	-4.4	-5.3	-4.3
Cash flows from investment activities
Purchase of property, plant and equipment (PPE)	-0.4	-0.1	-0.2	-0.1	-0.3	-0.3
Sale of shares in subsidiary	7.7	0.0	7.7	0.0	0.0	0.0
Investments in associate	-1.0	0.0	-1.0	0.0	0.0	0.0
Convertible loan	0.0	0.0	0.0	0.0	-19.0	-19.0
Net cash flow from continued investment activities	6.3	-0.1	6.5	-0.1	-19.3	-19.3
Net cash flow from discontinued investment activities	0.0	0.0	0.0	0.0	-5.6	-5.6
Net cash flow from investment activities	6.3	-0.1	6.5	-0.1	-24.9	-24.9
Cash flows from financing activities
Dividends paid	-10.5	0.0	-10.5	0.0	0.0	0.0
Net cash flow from continued financing activities	-10.5	0.0	-10.5	0.0	0.0	0.0
Net cash flow from discontinued financing activities	0.0	0.0	0.0	0.0	-0.5	-0.5
Net cash flow from financing activities	-10.5	0.0	-10.5	0.0	-0.5	-0.5
Net cash flow for the period - continued activities	-10.5	-5.1	-0.9	-4.5	-20.9	-19.9
Net cash flow for the period - discontinued activities	0.0	0.0	0.0	0.0	-9.8	-9.8
Cash balance at beginning of period	41.2	35.8	36.7	41.2	70.9	70.9
Cash balance at end of period	30.7	30.7	35.8	36.7	40.2	41.2
Cash balance at end of period continued operation	30.7	30.7	35.8	36.7	40.2	41.2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Share		Share		Retained Non-controlling		Total
Unaudited figures in USD million	Capital		Premium	Earnings	Interest		Equity
Equity as of December 31, 2013	34.6		21.0	67.4		3.2	126.3
Pension effect on opening balance							0.0
Sale of shares to non-controlling interest				0.7		7.0	7.7
Dividend				-10.5			-10.5
Total comprehensive income for the period				5.4		-0.7	4.7
Equity as of September 30, 2014	34.6		21.0	62.9		9.5	128.1
Equity as of December 31, 2012	34.6		21.0	36.6		2.0	94.3
Total comprehensive income for the period				30.6		0.1	30.7
Equity as of September 30, 2013	34.6		21.0	67.2		2.1	125.0
KEY FIGURES
Unaudited figures in USD million	Note	Q3 14	Q2 14	30.09.14	Q3 13	30.09.13	2013
Basic earnings per share (USD)
From continued operations	a	0.02	0.03	0.09	0.09	0.57	0.60
From discontinued operations		0.00	0.00	0.00	0.00	0.02	0.02
Diluted earnings per share (USD)
From continued operations	b	0.02	0.03	0.09	0.09	0.57	0.60
From discontinued operations		0.00	0.00	0.00	0.00	0.02	0.02
Equity ratio	c	72.2 %	71.4 %	72.2 %	76.3 %	76.3 %	74.6 %
No. of outstanding shares (million)		52.6	52.6	52.6	52.6	52.6	52.6
No. of shares fully diluted (million)		52.6	52.6	52.6	52.6	52.6	52.6
Average no. of outstanding shares (million)		52.6	52.6	52.6	52.6	52.6	52.6
Average no. of shares fully diluted (million)		52.6	52.6	52.6	52.6	52.6	52.6
Share price (NOK)		24.6	24.0	24.6	23.4	23.4	25.0
Market capitalization (NOK, million)	d	1,294	1,263	1,294	1,231	1,231	1,315
Number of employees		182	187	182	175	175	171

Notes

a) Net profit / average no. of outstanding shares

b) Net profit / average no. of shares fully diluted

c) (Total shareholders' equity / total assets) x 100

d) Latest quoted share price of the reporting period x no. of outstanding shares

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 GENERAL ACCOUNTING PRINCIPLES

Sevan Marine ASA is a technology, project development and engineering company.

Sevan Marine ASA is a public limited company, incorporated and domiciled in Norway. The condensed consolidated interim financial statements consist of the Group and the Group's interests in associated companies.

The Group prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by EU and these financial statements have been prepared in accordance with the International Accounting Standard for Interim Financial Reporting (IAS 34). As the interim financial statements do not include the full information and disclosures as required in the annual financial statements, it should be read in connection with the Annual Financial Statements for 2013.

The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Annual Financial Statements for the year ended December 31, 2013.

NOTE 2 RELATED PARTY TRANSACTIONS

The Group has the following transactions and balances relating to related party companies:

Unaudited figures in USD million	Q3 14	Q2 14	30.09.14	Q3 13	30.09.13	2013
Sale to related party
Sale to Teekay	2.7	5.2	11.5	4.0	12.7	16.1
Sale to Logitel Offshore	3.4	0.0	3.4	0.0	0.0	0.0
Financial income from Logitel Offshore	0.5	0.0	0.5	0.0	0.0	0.0
Purchase from related party
Purchase from Arendal Brygge	0.2	0.0	0.4	0.0	0.0	0.0
Purchase from Teekay	0.0	0.0	0.0	0.0	0.0	0.3
Receivable from related party
Receivable from Teekay	3.8	3.8	3.8	4.8	4.8	2.9
Receivable from Logitel Offshore	10.9	0.0	10.9	0.0	0.0	0.0
Payable to related party
Payable to Arendal Brygge	0.0	0.0	0.0	0.0	0.0	0.1
Payable to Teekay	0.0	0.0	0.0	0.0	0.0	0.0

NOTE 3 SEGMENT INFORMATION

				Segments
				Topside and
		Floating		Process
Quarterly data		Production		Technology		Eliminations	Total
	Q3 14	Q3 13	Q3 14	Q3 13	Q3 14	Q3 13	Q3 14	Q3 13
External revenue	16.6	13.5	8.6	12.6	0.0	0.0	25.2	26.1
Internal revenue	0.1	0.3	0.3	0.0	-0.4	-0.3	0.0	0.0
Total revenue	16.7	13.8	8.9	12.7	-0.4	-0.3	25.2	26.1
Operating expense	-13.5	-11.6	-10.5	-12.1	0.4	0.3	-23.6	-23.4
EBITDAFX	3.2	2.2	-1.6	0.5	0.0	0.0	1.6	2.7
Foreign exch. gain/(loss), operation	-0.1	0.1	0.1	0.0	0.0	0.0	-0.1	0.1
EBITDA	3.0	2.3	-1.5	0.5	0.0	0.0	1.5	2.8
Depreciation, amortization and impairment	-0.1	-0.2	0.0	0.0	0.0	0.0	-0.1	-0.2
Operating profit/(loss)	2.9	2.1	-1.5	0.5	0.0	0.0	1.4	2.7
Income from associates							0.0	0.0
Financial income/(expense)							0.5	1.8
Foreign exch. gain/(loss), financing							-0.5	0.1
Net financial items							0.0	1.9
Profit/(loss) before tax							1.4	4.5
Tax income/(expense)							-0.1	0.0
Net profit/(loss) continued operation							1.3	4.5
Net profit/(loss) discontined operation							0.0	0.0
Segment assets continued operation	131.9	132.3	32.2	29.0	0.0	0.0	164.1	161.2
Inv.m. in assoc. (equity method)	0.4	0.0	0.0	0.0	0.0	0.0	0.4	0.0
Total assets*	132.3	132.3	32.2	29.0	0.0	0.0	164.5	161.2
Segment liabilities continued operation	20.6	20.1	15.7	16.1	0.0	0.0	36.3	36.2
Total liabilities*	20.6	20.1	15.7	16.1	0.0	0.0	36.3	36.2
Capital expenditure	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Non-cash exp. other than depr.	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0

* For assets and liabilities both intra-segment balances and inter-segment balances are eliminated within the segment.

				Segments
				Topside and
		Floating			Process
YTD data		Production		Technology		Eliminations		Total
	30.09.14	30.09.13	30.09.14	30.09.13	30.09.14	30.09.13	30.09.14	30.09.13
External revenue	47.0	44.3	30.3	27.1	0.0	0.0	77.2	71.3
Internal revenue	0.4	1.0	1.7	0.6	-2.2	-1.6	0.0	0.0
Total revenue	47.4	45.3	32.1	27.7	-2.2	-1.6	77.2	71.3
Operating expense	-40.3	-38.7	-34.2	-27.3	2.2	1.2	-72.4	-64.8
EBITDAFX	7.1	6.6	-2.2	0.4	0.0	-0.4	4.9	6.6
Foreign exch. gain/(loss), operation	-0.5	-0.1	0.0	0.1	0.0	0.0	-0.5	0.0
EBITDA	6.6	6.5	-2.2	0.5	0.0	-0.4	4.4	6.6
Depreciation, amortization and impairment	-0.3	-0.5	-0.1	-0.1	0.0	0.0	-0.4	-0.5
Operating profit/(loss)	6.3	6.0	-2.2	0.4	0.0	-0.4	4.0	6.2
Income from associates							0.0	0.0
Financial income/(expense)							1.6	25.5
Foreign exch. gain/(loss), financing							-0.4	-1.5
Net financial items							1.2	24.0
Profit/(loss) before tax							5.2	30.2
Tax income/(expense)							-0.3	0.0
Net profit/(loss) continued operation							5.0	30.2
Net profit/(loss) discontined operation							0.0	0.9
Segment assets continued operation	131.9	132.3	32.2	29.0	0.0	0.0	164.1	161.2
Inv.m. in assoc. (equity method)	0.4	0.0	0.0	0.0	0.0	0.0	0.4	0.0
Total assets*	132.3	132.3	32.2	29.0	0.0	0.0	164.5	161.2
Segment liabilities continued operation	20.6	20.1	15.7	16.1	0.0	0.0	36.3	36.2
Total liabilities*	20.6	20.1	15.7	16.1	0.0	0.0	36.3	36.2
Capital expenditure	0.0	4.4	0.0	0.0	0.0	0.0	0.0	4.4
Non-cash exp. other than depr.	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0

* For assets and liabilities both intra-segment balances and inter-segment balances are eliminated within the segment.

NOTE 4 SHAREHOLDER STRUCTURE

The 20 largest shareholder accounts as at November 3, 2014

Shareholder accounts	No. of shares	%-share
TEEKAY SERVICE HOLDI	21,091,847	40.09
F2 FUNDS AS	2,231,000	4.24
VPF NORDEA KAPITAL	1,825,983	3.47
ILIAD INTERNATIONAL (*)	1,801,784	3.42
THE BANK OF NEW YORK	1,567,176	2.98
DEUTSCHE BANK AG	1,200,000	2.28
MORGAN STANLEY & CO	1,095,879	2.08
SKANDINAVISKA ENSKIL	1,035,448	1.97
PREDATOR CAPITAL MAN	905,000	1.72
MP PENSJON PK	837,584	1.59
ANDENERGY AS	801,326	1.52
INVESCO PERP EUR SMA	765,804	1.46
SUNDT AS	736,607	1.40
VPF NORDEA AVKASTNIN	736,553	1.40
BAKLIEN ÅSMUND	700,000	1.33
CITIBANK, N.A.	531,955	1.01
PERESTROIKA AS	495,830	0.94
BEKKESTUA EIENDOM AS	494,394	0.94
INVESCO FUNDS	466,519	0.89
VERDIPAPIRFONDET DNB	420,000	0.80
Total, 20 largest shareholder accounts	39,740,689	75.54
Total no. of shares	52,606,999
Foreign ownership	29,880,653	56.80

(*) Controlled by Teekay

NOTE 5 LOAN

In connection with the sale of the Hulls to Logitel Offshore in Q2 2013, Sevan granted the buyer a seller's credit of USD 41 million. In addition, Sevan granted a loan of USD 10 million to Logitel Offshore. In Q3 2013 Sevan granted Logitel Offshore an additional loan of USD 9 million to enable Logitel Offshore to start construction of the second accommodation unit. In August 2014, the bond loan agreement was amended resulting, inter alia in changes in the repayment profile whereby the principal will be repaid with USD 10 million for each FAU to be constructed and delivered. As a consequence, USD 10 million of the total bond is classified as "current assets". The remaining amount of USD 50 million is classified as "Loan" under Total non-current assets.

Sevan Marine ASA - Arendal Kystveien 2D 4841 Arendal

NORWAY Phone: (+47) 37 40 40 00 Fax: (+47) 37 40 40 99 Sevan Marine - Oslo Drammensveien 134, Bygg 5. 0277 Oslo NORWAY Phone: (+47) 91 70 40 00 Fax: (+47) 37 40 40 99

Sevan Marine - Singapore 435 Orchard Road Level 11, Wisma Atria SINGAPORE 238877 Phone: (+65) 62 20 13 14 Fax: (+65) 62 20 13 15

KANFA Group

SEVAN MARINE ASA 14

FINANCIAL REPORT Third quarter 2014

Nye Vakås vei 80 1395 Hvalstad NORWAY Phone: (+65) 6838 0575 Fax: (+65) 6836 7886