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SEVAN DRILLING SIGNS NEWBUILD CONTRACTS FOR SEVAN ULTRA DEEPWATER RIGS 3 AND 4

In reference to press release of March 24, 2011 , pursuant to letter of intents ("LOI") dated March 24, 2011, subsidiaries of Sevan Drilling ASA (the "Company") have entered into contracts with Cosco Shipyard for the construction of two new build ultra deepwater ("UDW") drilling rigs, Sevan UDW3 and Sevan UDW4, for delivery in Q4 2013 and Q2 2014 respectively. The total all-in turnkey price under the construction contracts is USD 526 mill per rig. Payments terms require a 20 % down payment which has been made upon execution of the contracts and the remaining 80 % is to be paid upon delivery of the rigs.

This is a very important step for Sevan Drilling. We are expanding our rig fleet within a key market segment, Ultra Deepwater Drilling, at a very competitive price.  This contract builds on the experience with Cosco and we are seeing the benefits of our relationship and the innovative hull design with the pricing of these two new rigs; says Scott Kerr acting CEO of Sevan Drilling.

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:

 

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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