Reference is made to the press releases from June 8, 2018, June 12, 2018 and July 06, 2018, regarding the agreement to divest substantial parts of Sevan Marine’s business to Sembcorp Marine Integrated Yards Pte. Ltd. (“SCM”) and the subsequent offering of Teekay’s shares to all other shareholders.

It is Sevan Marine’s intention to complete the divestment to SCM during August 2018.

It is further expected that all distributions of capital and completion of the offering of Teekay’s shares to all other shareholders for NOK 10 per share will, following necessary corporate resolutions of Sevan Marine and the statutory notice period, be completed latest during December 2018.

*******

Sevan Marine ASA is specializing in the design, engineering and project execution of floating units for offshore applications. Sevan Marine ASA is listed on the Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

For more information please contact:
Reese McNeel, CEO, Sevan Marine ASA
reese.mcneel@sevanmarine.com
+47 415 08 186

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.