Sevan Drilling - update:
Sevan Driller had a technical uptime of 98.6 % in June and 94.4 % for the second quarter. We have a potential discussion with Petrobras over a fishing job which resulted from stuck drill pipe. The fishing job was completed in June and the discussion will be resolved in July. We consider it as unlikely that this discussion will impact the uptime of the rig in June.
The construction of Sevan Brasil is progressing according to plan. The rig is scheduled to be delivered from Cosco Shipyard in first quarter 2012 and will commence operation under the 6 year charter contract with Petrobras in the second quarter 2012.
Discussions with the banks:
We are making good progress in discussions with our banks over removal of the cross default provisions towards Sevan Marine. We expect to have approval from the lenders to remove the cross default provisions towards Sevan Marine
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