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Jan Erik Tveteraas resigns from his position as CEO

Sevan Drilling ASA ("Sevan Drilling" or the "Company") and CEO Jan Erik Tveteraas have agreed that Mr. Tveteraas will resign from his position as CEO of Sevan Drilling and Sevan Drilling Management AS.

Mr. Tveteraas will also resign as a member of the Board of Directors of Sevan Marine ASA. As per the terms of his employment contract, Mr. Tveteraas will receive salary and other benefits during the notice period of 6 months and a severance pay of salary for 24 months thereafter.

Mr. Scott Kerr, currently deputy chairman of the Board of Directors of the Company, has assumed the role as acting CEO for an interim period, until the Company has found a permanent replacement for Mr. Tveteraas. Mr. Kerr has considerable international experience within the oil and gas sector, including as managing director of BP Norway and positions in the CIS region, Asia and North-Africa with BP and ARCO. He was most recently CEO of Noreco, a publicly traded oil and gas company listed on Oslo Børs.

 

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:

 

Scott Kerr, CEO, Sevan Drilling ASA (Media)

+47 99283890 mobile

 

Jon H. Wilmann, CFO, Sevan Drilling ASA (Analysts)

+47 64001847 office

+47 90560406 mobile

 

 

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