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SEVAN MARINE ASA: MOU with Teekay Shipping

Xcite Energy Limited, through its 100% subsidiary Xcite Energy Resources
Limited ("XER"), has entered into a Memorandum of Understanding ("MOU") with
Teekay Shipping Norway AS ("Teekay"), which sets out the principles of
co-operation for the supply of a floating storage and offloading ("FSO")
facility for the life of the UK CNS Bentley field. The FSO is based on Sevan
Marine's cylindrical floater technology, and will be bridge linked to the
Bentley production platform.

XER and Teekay intend to work together on an exclusive basis during the
project, from front end engineering through fabrication, hook up and onwards
into production operations and maintenance.

Sevan Marine ASA will work closely with, and formally as a sub-contractor to,
Teekay under this MOU.

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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