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2014-05-02

SEVAN MARINE ASA: Notice of Annual General Meeting

e Board of Directors of Sevan Marine ASA has convened the Annual General
Meeting in Sevan Marine ASA on Friday 23 May 2014, at 12:00 noon (CET) at the
Company's offices at Kittelsbuktveien 5, Arendal, Norway.

The agenda of the Annual General Meeting is as follows:

1 Opening of the General Meeting by the Chairperson of the Board of
Directors. Registration of attending shareholders.
2 Election of the chairperson of the meeting. The Board of Directors has
proposed that the meeting is chaired by the Chairperson of the Board of
Directors.
3 Election of a person to sign the minutes together with the chairperson of
the meeting.
4 Approval of the notice for the meeting and the agenda.
5 Information about the Company's operations.
6 Approval of the annual financial statements for the Parent Company and the
Group for the financial year 2013, and the Board of Director's report. The
Board of Directors proposes that a dividend of NOK 1.20 per share is paid
for the financial year 2013. The share will be traded ex. dividend on the
Oslo Stock Exchange from and including 26 May 2014. Dividend will be paid
on or about 4 June 2014, to the bank account registered on the relevant
shareholder's securities depository (VPS) account.
7 Statement from the Board of Directors regarding determination of salary and
other benefits for Senior Management.
8 Determination of the remuneration to the members of the Board of Directors,
the Audit Committee and the Compensation Committee for the foregoing
period.
9 Determination of the remuneration to the members of the Board of Directors,
the Audit Committee and the Compensation Committee for the upcoming period.

10 Determination of the remuneration to the members of the Nomination
Committee.
11 Approval of the remuneration to the auditor for 2013.
12 Election of members to the Board of Directors.
13 Election of members to the Nomination Committee.
14 Authorization to the Board of Directors to increase the share capital in
connection with incentive scheme for employees.

The notice of the General Meeting will be sent to all shareholders with known
address.

The notice, the Board of Director's proposals to the resolutions to be passed
at the general meeting, other documentation regarding the matters to be
considered, the proposal from the nomination committee and further
information about the shareholders' rights regarding the General Meeting are
available at the web site of Sevan Marine ASA;www.sevanmarine.com. The
documents in respect of the matters to be considered at the General Meeting
may also be obtained, free of charge, by contacting the Company's Investor
Relations Coordinator; Leif Gerhard Andersen jr. (tel: +47 37 40 40 00,
e-mail:ir@sevanmarine.com).

Attached as appendices to this announcement are (in Norwegian and translation
into English):

* Notice of the Annual General Meeting
* Attendance form and power of attorney
* The Board of Directors' proposal for the resolutions to be passed
* Proposal from the Nomination Committee
* Information to the shareholders regarding the Annual General Meeting

As at the date hereof, the Company has issued 52,606,999 shares. Each share
carries one vote at the General Meeting. The Articles of Association do not
include any voting restrictions.

Shareholders who wish to attend the General Meeting are requested to notify
the Company within 21 May 2014, 5.00 p.m. (CET) by submitting the enclosed
attendance form to Nordea Bank Norge ASA. Power of attorney may be given to
the Chairperson of the Board of Directors; Siri Hatlen, or to the CEO; Carl
Lieungh.

Shareholders may present proposals for resolutions in respect of the matters
to be discussed at the General Meeting. Such proposals may be sent to the
Company by e-mail toir@sevanmarine.comor by mail to Sevan Marine ASA,
Kittelsbuktveien 5, 4836 Arendal. Proposals should be marked "Proposals for
resolutions - Annual General Meeting Sevan Marine ASA 2014
".

***

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, with a main focus on Floating
Production, Storage and Offloading units (FPSOs). 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

Kjetil Vangsnes, CFO, Sevan Marine ASA (Analysts)

+47 37 40 40 00 office

Notice of Annual General meeting
http://hugin.info/135366/R/1782303/610029.PDF
Innkalling til ordinaer generalforsamling
http://hugin.info/135366/R/1782303/610030.PDF

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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

HUG#1782303

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