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Update on Sevan Driller

Reference is made to press release dated May 9, 2011. Petrobras has defined a new location for Sevan Driller in Santos Basin at a water depth of 1.900 m. Sevan Driller arrived on its new location in Santos Basin on May 13, and is currently waiting on weather before commencing operation.

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 ASA is an international offshore drilling contractor specializing in the ultra deepwater segment. Sevan Drilling ASA is listed on Oslo Axess.

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

 

 

 

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