Erling Øverland, chairman of the board, has today informed the board and the nomination committee that he will resign from the board of directors of Magnora ASA (the “Company“). Mr. Øverland will serve until the Company’s Q3 results have been published on 27 November 2018.

Mr. Øverland joined the board of directors in Q2 2016. During his tenure Magnora has completed significant strategic processes including the sale of a significant portion of its business to Sembcorp Marine and completion of the offer by Teekay Service Holdings Cooperatief U.A. to divest its shareholding in the company (the “Teekay Offer“). Earlier this year ØKOKRIM also decided not to press criminal charges against Magnora in relation to potential corruption issues in Brazil.

Erling Øverland states: “It has been a challenge to serve as chairman throughout this exciting period for Magnora. I believe the Company is well positioned to take advantage of its strengths under its new ownership and with a new governance structure.”

Reese McNeel, CEO of Magnora, commented: “On behalf of Magnora, our shareholders, employees and business partners, the board and management would like to thank Erling for his service to the Company throughout this crucial period. Following completion of the Teekay Offer and the transaction with Sembcorp Marine, the shareholder structure and business of Magnora has changed substantially. None of these strategic changes would have been possible without Erling’s diligent work and involvement. The Company will continue to work diligently to realise value from the remaining assets and to explore new opportunities.”

Further, Astrid Jørgenvåg has notified the board and the nomination committee that she will resign from the board at the same time as Erling Øverland. Astrid Jørgenvåg is Senior Vice President at Teekay Offshore Production and as a consequence of the completion of the Teekay Offer Ms. Jørgenvåg believes it is in the best interest of the Teekay group and Magnora that she steps down from the board of directors.

The nomination committee will start the process of identifying new candidates for the board and Magnora expects to call for an extraordinary general meeting in the near future. Torstein Sanness (acting chairman), Hilde Ådland and Kathryn Baker will comprise the board of directors until a general meeting is held.

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For further information, please contact:

Reese McNeel, CEO, Magnora ASA

reese.mcneel@magnoraasa.com

+47 415 08 186

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.