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SEVAN DRILLING INITIAL PUBLIC OFFERING - APPLICATIONS BY PRIMARY INSIDERS

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES, OR ANY OTHER
JURISDICTION WHERE THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THE RELEASE FOR CERTAIN OTHER RESTRICTIONS.

The following primary insiders of Sevan Drilling ("Sevan Drilling" or the "Company") have applied for shares in the initial public offering of Sevan Drilling:

Scott I. Kerr, elected Deputy Chairman of Sevan Drilling, has applied for subscription of shares for a total amount of NOK 2,000,000 in the institutional offering.

Arne Smedal, elected Director of Sevan Drilling and Chairman in Sevan Marine ASA, has applied for subscription of shares for a total amount of NOK 1,000,000 in the employee offering.

Jon C. Cole, elected Chairman of Sevan Drilling, has applied for subscription of shares for a total amount of NOK 550,000 in the retail offering.

Jan Erik Tveteraas, CEO of Sevan Drilling, has applied for subscription of shares for a total amount of NOK 2,000,000 in the institutional and the employee offering (NOK 1,900,000 and NOK 100.000, respectively).

Jon H. Wilmann, CFO of Sevan Drilling, has applied for subscription of shares for a total amount of NOK 1,000,000 in the retail and the employee offering (NOK 900,000 and NOK 100,000, respectively).

Paul Grimen, Vice President Operations of Sevan Drilling, has applied for subscription of shares for a total amount of NOK 400,000 in the retail and the employee offering (NOK 300,000 and NOK 100,000, respectively).

Bjørn Egil Gustavsen, Vice President Projects of Sevan Drilling, has applied for subscription of shares for a total amount of NOK 200,000 in the retail and the employee offering (NOK 100,000 and NOK 100,000, respectively).

Pascal Busch, Vice President QHSE of Sevan Drilling, has applied for subscription of shares for a total amount of NOK 200,000 in the retail and the employee offering (NOK 100,000 and NOK 100,000, respectively).

Alf Roger Skikstein, Vice President Engineering of Sevan Marine ASA, has applied for subscription of shares for a total amount of NOK 200,000 in the retail and the employee offering (NOK 100,000 and NOK 100,000, respectively).

Birte Norheim, Vice President Finance of Sevan Marine ASA, has applied for subscription of shares for a total amount of NOK 100,000 in the employee offering.

Oskar Mykland, CFO of Sevan Marine ASA, has applied for subscription of shares for a total amount of NOK 100,000 in the employee offering.

The applications have been made in accordance with the terms and conditions described in the prospectus dated 5 April 2011 published in connection with the offering. The Prospectus is available (subject to restrictions) on www.sevandrilling.com; www.pareto.no; www.abgsc.no; www.arcticsec.no; www.first.no and www.sebenskilda.no.

In addition, the Company has granted, subject to approval by an extraordinary general meeting to be held after listing, the following options to employees and Directors:

Jon C. Cole, elected Chairman: 1,000,000 options

Jan Erik Tveteraas, CEO: 2,000,000 options

Jon H. Wilmann, CFO: 1,000,000 options

Paul Grimen, Vice President Operations: 500,000 options

Bjørn Egil Gustavsen, Vice President Projects: 500,000 options

Pascal Busch, Vice President QHSE: 500,000 options

Heitor Gioppo, President Sevan Drilling Brasil: 500,000 options

Each option will give the holder the right to subscribe for one share in the Company at the offer price in the initial public offering. The options will vest with 1/3 annually from, the first time on the first anniversary following completion of the listing, and will lapse latest on the fifth anniversary following listing. 

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

Sevan Drilling is an international offshore drilling contractor specializing in the UDW segment.

For further information, please contact:

Jan Erik Tveteraas, CEO, Sevan Drilling ASA (Media)

+47 37404000 office


+47 95214925 mobile

Jon H. Wilmann, CFO, Sevan Drilling ASA (Analyst)

+47 64001847 office

+47 90560406 mobile

IMPORTANT NOTICE

This announcement is not for publication or distribution, in whole or in part, directly or indirectly, in or into Australia, Canada, Japan or the United States (including its territories and possessions, any state of the United States and the District of Columbia). Copies of this announcement are not being made
available in and may not be distributed or sent into Australia, Canada, Japan or the United States.

The issue, subscription, purchases or sale of shares of Sevan Drilling is subject to specific legal or regulatory restrictions in certain jurisdictions. Sevan Drilling assumes no responsibility in the event there is a violation by any person of such restrictions.

This announcement does not constitute or form part of any offer or solicitation to purchase or subscribe for securities in the United States. Securities may not be offered or sold in the United States except pursuant to an effective registration statement under or an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the "Securities Act").

The securities mentioned herein have not been, and will not be, registered under the Securities Act. All offers and sales outside the United States will be made in reliance on Regulation S under the Securities Act.

This announcement is issued pursuant to legal information obligations. It is not a prospectus, disclosure document or offering document and does not purport to be complete. Nothing in this announcement should be interpreted as a term or condition of the Offering. Investors should not subscribe for, purchase, otherwise acquire, sell or otherwise dispose of shares except on the basis of
information in the prospectus published by Sevan Drilling in connection with the Offering which will contain further information relating to the company.

This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to acquire any securities offered by any person in any jurisdiction in which such an offer or solicitation is unlawful. The distribution of this announcement and/or the prospectus into
jurisdictions other than Norway may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Pareto Securities AS, ABG Sundal Collier Norge ASA, Arctic Securities ASA, First Securities AS, ING and SEB Enskilda AS are acting for Sevan Drilling and Sevan Marine and no one else in connection with the Offering and will not be responsible to anyone other than Sevan Drilling and Sevan Marine for providing the protections afforded to their respective clients or for providing advice in relation to the Offering and/or any other matter referred to in this announcement.

Forward-looking statements:

This announcement and any materials distributed in connection with this announcement may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect Sevan Drilling's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including the risks and uncertainties to be set out in the prospectus.

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