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SEVDR - ALLOCATION TO PRIMARY INSIDERS

The following primary insiders of Sevan Drilling ASA ("Sevan Drilling") have been allocated shares in the initial public offering of Sevan Drilling:

Scott I. Kerr, Deputy Chairman of Sevan Drilling, received an allocation of 250,000 shares at NOK 8 per share in the institutional offering.

Arne Smedal, Director of Sevan Drilling and Chairman of Sevan Marine ASA, received an allocation of 13.888 shares at NOK 7.20 per share in the employee offering and 112,500 shares at NOK 8 per share in the retail offering.

Jon C. Cole, Chairman of Sevan Drilling, received an allocation of 124,999 shares at NOK 8 per share in the retail offering.

Jan Erik Tveteraas, CEO of Sevan Drilling, received an allocation of 13.888 shares at NOK 7.20 per share in the employee offering and 237,500 shares at NOK 8 per share in the institutional offering.

Jon H. Wilmann, CFO of Sevan Drilling, received an allocation of 13.888 shares at NOK 7.20 per share in the employee offering and 112,500 shares at NOK 8 per share in the retail offering.

Paul Grimen, Vice President Operations of Sevan Drilling, received an allocation of 13.888 shares at NOK 7.20 per share in the employee offering and 37,500 shares at NOK 8 per share in the retail offering.

Bjørn Egil Gustavsen, Vice President Projects of Sevan Drilling, received an allocation of 13.888 shares at NOK 7.20 per share in the employee offering and 12,500 shares at NOK 8 per share in the retail offering.

Pascal Busch, Vice President QHSE of Sevan Drilling, received an allocation of 13.888 shares at NOK 7.20 per share in the employee offering and 12,500 shares at NOK 8 per share in the retail offering.

In addition, the following primary insiders of Sevan Marine ASA ("Sevan Marine") have been allocated shares in the initial public offering of Sevan Drilling:

Alf Roger Skikstein, Vice President Engineering of Sevan Marine, received an allocation of 13.888 shares at NOK 7.20 per share in the employee offering and 12,500 shares at NOK 8 in the retail offering.

Birte Norheim, Vice President Finance of Sevan Marine, received an allocation of 13.888 shares at NOK 7.20 per share in the employee offering.

Oskar Mykland, CFO of Sevan Marine, received an allocation of 13.888 shares at NOK 7.20 per share in the employee offering.

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 (Analyst)

+47 64001847 office

+47 90560406 mobile

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