Sevan Acquires Mator AS

Sevan Marine ASA has agreed to acquire 100% of the shares in Mator AS for a consideration in cash and Sevan shares. The majority of the sellers are employees of Mator. The Sevan shares are subject to lock-up restrictions and certain key employees of Mator have agreed to stay with the company for a minimum period.

As a part of the Sevan group, Mator will continue to offer its services to the offshore industry, as well as serving Sevan`s ongoing and future projects and operations.

This acquisition enables Sevan to offer a complete package of services to our clients. Together with Kanfa AS, Kanf-Tec AS and Kanfa Aragon AS, Mator AS represents a unique combination of skills, enabling Sevan to provide cost-effective and efficient topside process solutions to the offshore industry, says Jan Erik Tveteraas, CEO of Sevan Marine ASA.

We are pleased to become a part of the Sevan Group. The combined engineering competence of the companies will enable us to provide an even better product to our clients, says Tor Heitmann, Managing Director of Mator AS.

Located at Heroya, Porsgrunn, Norway, Mator AS was founded in 1990 and has six employees, all of which have a unique knowledge based on a combination of theoretical and practical experience. The company provides services to the oil and gas industry world wide within the areas of primary separation, gas handling and water treatment for increased production efficiency and improved equipment regularity. Mator's clients include companies like Statoil, Hydro, ConocoPhillips, BP and Sevan.