Magnora ASA

Regulatory Filings • Aug 6, 2015

Arendal Spirit

Arendal Spirit

Reference is made to Teekay's Second Quarter 2015

report released today and to Sevan Marine's Q1 2015

report. Arendal Spirit commenced its charter contract

with Petrobras in June 2015. Sevan Marine is entitled

to variable proceeds currently estimated by Sevan

Marine to be approximately USD 8 million in June

2016, 12 months after start of charter hire. The

actual variable proceeds to be paid is dependent on

KPI's which will be measured during Arendal Spirit's

first year of operation.

The separate fixed proceeds of USD 10 million

regarding Arendal Spirit will be received in August

2015 as previously announced.

The Arendal Spirit is the first UMS (Utility,

Maintenance and Safety) platform based on the Sevan

Marine design. The very successful construction,

delivery and start of charter is another major

milestone in the development and market acceptance of

Sevan Marine's unique cylindrical design.

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

Reese McNeel, CFO, Sevan Marine ASA (Analysts)

+47 37 40 40 00 office