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NEW PRICE RANGE; APPROVAL OF SUPPLEMENTAL PROSPECTUS

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.

Arendal, 25 April 2011

On 20 April 2011, Sevan Marine ASA ("Sevan Marine") and Sevan Drilling ASA (the "Company" or "Sevan Drilling") decided to extend the application period for the initial public offering of Sevan Drilling (the "Offering") to 12.00 hours (CET) on Wednesday 27 April 2011 for the retail and employee offering and to 17.30 hours (CET) on Wednesday 27 April 2011 for the institutional offering, subject to extensions.

The Company and Sevan Marine have decided to set a new price range for the Offering of NOK 8 to NOK 10 per share. The Offering consists of between 192.5 million to 240.6 million new shares to be issued by Sevan Drilling and up to 79 million existing shares which are being offered by Sevan Marine, in total up to 319.6 million shares. However, due to the revised price range, Sevan Marine may reduce the number of existing shares sold in the Offering to a minimum. Existing shareholders of Sevan Marine will be given priority in the allocation in accordance with the allocation criteria in the prospectus.

The Norwegian Financial Supervisory Authority has today approved a supplemental prospectus (the "Supplemental Prospectus") regarding the changes in the Offering. The Supplemental Prospectus is dated 25 April 2011, and is available to the public in Norway on www.sevandrilling.com; www.pareto.no; www.abgsc.no; www.arcticsec.no; www.first.no and www.sebenskilda.no. A printed version of the Supplemental Prospectus may be obtained free of charge at the premises of Sevan Drilling at Kittelsbuktveien 5, 4836 Arendal, Norway, as well as from the offices of any of the managers.

For further information about the Offering please refer to the prospectus dated 5 April 2011 and the supplemental prospectus dated 18 April, which are available (subject to restrictions) at www.sevandrilling.com; www.pareto.no; www.abgsc.no; www.arcticsec.no; www.first.no and www.sebenskilda.no.

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.

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 (Analysts)

+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, purchase or sale of shares of Sevan Drilling are 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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