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SEVAN DRILLING ASA: Update

Sevan Driller :
Sevan Driller had a technical uptime of 98.25 % in July 2011.

 

Sevan Brasil :
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

 


 

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