Magnora ASA

Related Party Transaction • Jan 11, 2016

SEVAN MARINE ASA: Technology License Agreement signed for HiLoad LNG regasification terminal

SEVAN MARINE ASA: Technology License Agreement signed for HiLoad LNG regasification terminal

Sevan Marine's subsidiary HiLoad LNG AS has entered

into a Technology License Agreement with Vires Energy

Corporation Ltd. ("Vires") for an LNG receiving and

regasification terminal in the Philippines. Following

a feasibility study that was carried out last year,

Vires has decided to move forward with the project,

and a separate engineering service contract has also

been agreed with HiLoad LNG providing design and

engineering work. Payment under the license agreement

is subject to Vires constructing and operating the

regasification terminal. Construction is currently

expected to start in 2016.

Sevan Marine acquired the rights to the proprietary

HiLoad technology for gas and LNG applications and has

developed solutions for offshore loading of LNG and

LNG receiving and regasification terminals based on

the HiLoad Technology. The LNG receiving and

regasification terminal, named Floating Regas Dock

("FRD") provides a competitive alternative to FSRUs

for smaller volumes, ranging typically from 50 to 200

mmscfd. HiLoad LNG AS is in dialogue with other

potential clients for similar terminals in South East

Asia and Latin America.

Lars Ødeskaug, who is responsible for Sevan Marine's

LNG efforts, says: "We are very pleased that Vires

came to us with their regasification requirements, and

we look forward to working with Vires on this ground-

breaking project. We believe there is a significant

market for this solution, which provides clean gas as

fuel for power plants and fills a niche in size below

the more traditional FSRUs. We hope that the Vires

contract is the first of many."

About HiLoad LNG AS

HiLoad LNG AS is owned 95% by Sevan Marine ASA and 5%

by 7 Seas Technology AS. The company provides

engineering services and sells licenses for use of the

HiLoad technology for offshore loading of LNG and for

LNG receiving and regasification terminals.

About Vires Energy Corporation Ltd.

Vires Energy Corporation is headquartered in Manila,

Philippines. Vires mission, by the development of

reasonably priced, clean and sustainable energy, is to

bring fairness with transparency and prosperity to the

Filipino people through positive social change.

Illustration of Floating Regas Dock ("FRD")

* * * * * *

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:

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