Reference is made to the minutes from the extraordinary general meeting held on 6 July 2018 (the “EGM“) in Sevan Marine ASA (the “Company“) and the pertaining stock exchange notice, whereby the general meeting resolved to decrease the Company’s share capital with NOK 105,213,998 in connection with the intended distribution of the cash consideration under the transaction with Sembcorp Marine Integrated Yard Pte. Ltd. (the “Transaction“), completed on 4 September 2018.

The Norwegian Register of Business Enterprises (the “NRBE“) has today announced in their public gazette the EGM’s resolution on the share capital decrease. Accordingly, the six weeks creditor notice period commences today and will expire on 19 October 2018. The distribution of NOK 105,213,998 will be made to the Company’s shareholders as of the date the board files for completion of the share capital decrease with the NRBE.

Please note that in connection with the Transaction, it has been agreed that the Company shall defer all distributions to its shareholders until the earlier of (i) 1 December 2018 or (ii) the close of the offer period for Teekay’s shares, as further described in the stock exchange notice of 4 September 2018. On this basis, the board will wait to file for completion of the share capital decrease 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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For more information, please contact:
Reese McNeel, CEO, Sevan Marine ASA
reese.mcneel@magnoraasa.com
+47 415 08 186

This stock exchange announcement is made pursuant to section 5-2 of the Norwegian Securities Trading Act.