Magnora ASA

Share Issue/Capital Change • Jul 16, 2018

Sevan Marine ASA: Expiration of notice period for share capital reduction

Sevan Marine ASA: Expiration of notice period for share capital reduction

Reference is made to the stock exchange notice published by Sevan Marine ASA on 4 June 2018 regarding the commencement of the creditor notice period for the share capital reduction as resolved by the annual general meeting held on 24 May 2018. The creditor notice period expires today, 16 July 2018.

With reference to the stock exchange notice published on 6 July 2018 regarding an update of the transaction with Sembcorp Marine (as approved by the extraordinary general meeting on 6 July 2018), it has been agreed that Sevan Marine will defer all distributions to its shareholders until the earlier of (i) 1 December 2018 and (ii) close of the offer period for Teekay's shares, as further described in the notice of 6 July 2018. On this basis, the board will wait to file for completion of the share capital reduction with the Norwegian Register of Business Enterprises and all distributions to shareholders will be deferred. Sevan Marine will in due course communicate key dates and relevant information relating to the distribution resolved.

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Sevan Marine ASA is a technology, design and engineering company. The company is developing, designing and delivering cost effective offshore solutions based on its unique cylindrical hull design and the HiLoad LNG offloading and regas technologies. For more information, please refer to www.sevanmarine.com.

For further information, please contact:

Reese McNeel, CEO, Sevan Marine ASA

reese.mcneel@sevanmarine.com

+47 415 08 186

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.