Sevan Drilling Update

Reference is made to Sevan Marine ASA's ("Sevan Marine") stock exchange notice of today containing certain financial and operational updates regarding Sevan Marine. The Stock Exchange notice includes inter alia Sevan Marine's preliminary P&L and balance sheet for first quarter 2011, both actual and on a pro forma basis after the de-consolidation of Sevan Drilling ASA ("Sevan Drilling"), following the share issue and listing of Sevan Drilling, which was completed on May 3 2011.

Sevan Drilling will report its first quarter figures on May 31, 2011. The UDW rig Sevan Driller had in the first quarter a technical uptime of 90% and a commercial uptime of 91%.  The construction of the UDW rig Sevan Brasil proceeds according to plan. The contracts for the two UDW new builds Sevan UDW3 and Sevan UDW4 have been finalized, subject only to board approval, in accordance with previously announced terms.


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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