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2014-04-04

SEVAN MARINE ASA: Strategic agreement with Technip regarding KANFA

Sevan Marine ASA ("Sevan Marine") is pleased to announce that the company has
on April 3rd entered into an agreement with Technip Norge AS ("Technip"), a
wholly owned subsidiary of Technip S.A, regarding the sale of 49.0% of the
shareholding in KANFA AS ("KANFA"). The parties have agreed not to disclose
the purchase price at this point in time. Upon completion of the transaction,
Sevan Marine will own 51.0% of KANFA AS and Technip will own 49.0%. The
parties intend to further enhance KANFA's development opportunities and
expand the business.

KANFA, with its subsidiaries KANFA Ingenium Process AS (54.3% owned
subsidiary) and KANFA Mator AS (wholly owned subsidiary), is a leading
independent topside and process technology specialist with activities
primarily in the offshore oil and gas industry. In total, the KANFA Group
employs approximately 50 highly skilled engineers.

Technip is one of the leading oil&gas services groups in the world with a
global footprint. The cooperation will provide KANFA with new opportunities
to develop its business in the North Sea and also provide access to other oil
and gas markets. KANFA will continue to focus on its existing business model
in addition to supporting Technip in offshore FEED and EPC projects on the
Norwegian Continental Shelf going forward.

Commenting on the transaction, Sevan Marine CEO Carl Lieungh said: "We are
very satisfied with this agreement and the opportunity to work with Technip.
We have evaluated various strategic alternatives for KANFA for some time and
are confident that this will benefit both KANFA and the owners. KANFA has
high ambitions to expand the business and we now have a strong position to
seize new business opportunities in areas with mutual interests. With
continued ownership in KANFA, Sevan Marine will benefit from future growth."

Odd Strømsnes, Managing Director of Technip in Norway, stated: "KANFA brings
additional topside and process competence to Technip in his region and
reinforces Technip's presence in the North Sea offshore facility market.
Technip has been present in Norway for the last 25 years as a leading
contractor in subsea developments and offshore infrastructures and has around
750 employees. This agreement will indeed strengthen our position in the
topside market and reinforces our capabilities and extend the range of
solutions we can offer our clients".

The agreement contemplates a potential exit subject to certain conditions in
2017. The agreement with Technip is subject to customary closing conditions.
Closing of the transaction is expected to take place by the end of April.

KANFA's shareholding in KANFA Aragon (50.0% ownership) has been transferred to
Sevan Marine and will not be part of the transaction with Technip. KANFA
Aragon will be operated on a stand-alone basis going forward.

ABG Sundal Collier Norge ASA is acting as financial advisors to Sevan Marine
in relation to the transaction. The law firm BA-HR is acting as legal
advisors.

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
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

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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

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