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SEVAN MARINE ASA: Logitel transaction

In its capacity as lender under its MUSD 60 convertible loan agreement (the
"Convertible") with Logitel Offshore Pte Ltd, Sevan has entered into a
tri-partite letter of intent (the "LOI") with Teekay Offshore Partners LP
("TOO") as buyer and Cefront Technology AS ("Cefront") as seller of all of
the shares in Logitel Offshore Holdings AS ("Logitel"), which owns two hulls
that are currently being converted into floating accommodation units ("FAUs")
at the COSCO (Nantong) Shipyard ("COSCO") and options to order up to six
additional FAUs. TOO intends to utilize Sevan's technology to build a
position in the floating accommodation market.

Under the terms of the LOI, Sevan will be relieved from its exposure as
"intervening party" under Logitel's employment contract with Petrobras in
respect of FAU no 1.

The LOI also entails that the repayment profile and maturity for the
Convertible is amended to six instalments of MUSD 10, payable not later than
six months after delivery of the relevant FAU from the COSCO yard. Sevan will
also receive license fees and provide services, as further FAUs are built by

The LOI is expected to become effective and formally documented within two

CEO Carl Lieungh commented, "We are pleased to see the use of the Sevan design
in yet another offshore application with the potential for growth. This
demonstrates the flexibility and universal performance advantages of the
cylindrical design. This transaction also represents the final step in the
risk mitigating exercise relative to the semi-completed hulls with
substantial attached liabilities formerly owned by Sevan. It helps clean up
Sevan's balance sheet with clearer visibility to our asset-light business
model, while still recognising that a part of the convertible loan and
license fees are dependent on Teekay Offshore's expansion in the floating
accommodation market."

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

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

Kjetil Vangsnes, CFO, Sevan Marine ASA (Analysts)
+47 37 40 40 00 office


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Sevan Marine ASA via Globenewswire


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