Sevan Marine ASA ("Sevan" or the "Company") refers to the Stock Exchange notice 29 June 2015. Based on Brazilian press articles indicating irregularities involving Sevan in the period 2005-2008, the Board of the Company initiated an independent corporate investigation (the "Investigation"). The Board has received the investigation report (the "Report") from Advokatfirmaet Selmer DA ("Selmer") and has decided to hand it over to the Norwegian authority for investigation and prosecution of economic and environmental crime ("ØKOKRIM").

Selmer has, as independent corporate investigator, in the period June to October 2015 performed the Investigation in accordance with a mandate agreed with the Board of Directors. The Investigation has been focusing on the circumstances and facts surrounding how contracts with Petroleo Brasileiro S/A. ("Petrobras") were obtained. The Investigation has involved document review and searches in available files as well as interviews with key individuals.

The contracts were awarded in the period 2005-2008.

Sevan was restructured in 2011 and at that time disposed of its asset-based activities through the demerger and subsequent IPO of the drilling activities and the sale of FPSO assets. At this time, payments under related agency agreements from the Company came to an end. In connection with the restructuring, the Company got a new shareholder structure, board and management.

Sevan is today a technology and engineering company with a changed business strategy.

The main conclusion of the independent corporate investigator is that it is more likely than not, that illegal conduct in the form of improper payments to obtain business occurred when Petrobras awarded contracts to Sevan in the said time period (2005-2008) regarding Sevan Piranema, Sevan Driller and Sevan Brasil. There are indications of suspicious acts and transactions, constituting both a neglect of Sevan's affairs and/or a conflict with Sevan's interests and such acts may potentially represent economic crime.

According to the Report, the possible wrongdoings identified are connected to individuals who have left Sevan.

Based on the above, and as there are limitations as to what more a private party can realistically achieve by further investigative steps, the Board of Directors has handed over the Report to ØKOKRIM. The Company will make available evidences and documentation secured in the Investigation. The Board of Directors has initiated early contact with the relevant prosecutors' offices in other concerned jurisdictions (US, UK and Brazil) in coordination with counsels retained in the relevant jurisdictions.

It has during the course of the Investigation been suggested in Brazilian media that Petrobras executives allegedly provided privileged information to investors regarding signing of contracts between Petrobras and Sevan. Such information has been shared with the Oslo Stock Exchange and ØKOKRIM. The conclusion from the on-going Investigation pertaining to this will be disclosed when available.

The Board of Directors is assessing further actions and implications of the findings contained in the Investigation.

Chairperson Siri Hatlen states:

"With regret the Board of Directors has noted the findings from the independent corporate investigation related to contracts awarded in the period 2005-2008. The Board of Directors has decided to hand over the investigation report to ØKOKRIM.

Sevan as a listed company is dependent on our reputation as a trustworthy business partner. Sevan practises no-tolerance for corruption and is dedicated to comply with all relevant laws and principles for proper business conduct.

Sevan will continue to cooperate with relevant authorities."