Magnora ASA

Regulatory Filings • May 10, 2016

SEVAN MARINE ASA: Continuation of FLNG Feasibility Study with US Oil Major

SEVAN MARINE ASA: Continuation of FLNG Feasibility Study with US Oil Major

Reference is made to the paid FLNG feasibility study

announced in Q3 2015 for the use of Sevan Marine's

cylindrical hull for a specific FLNG development.

Sevan Marine is pleased to announce that it has agreed

a continuation of this work. Sevan Marine has been

awarded a follow up study focused on the marine

aspects of Sevan Marine's unique cylindrical design.

The study is expected to generate approximately 9,000

hours of paid engineering work through 2016. This

positive endorsement of Sevan Marine's technology

represents yet a further milestone in the development

of Sevan Marine's FLNG concept.

* * * * * *

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:

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