CORR: Mandatory notification of trade**

Jan Erik Tveteraas, CEO in Sevan Drilling ASA, has bought 70,000 shares at NOK 7.813 per share through his wholly owned company Supernova AS. Following this transaction, Mr. Tveteraas and related companies owns 321,388 shares and 2,000,000** options.

** Sevan Drilling ASA (the "Company") notified in a stock exchange notice of 15 April 2011 that the Company had granted, subject to the approval by the new Board and by an extraordinary general meeting to be held after listing, options to certain employees and Directors.

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.

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