Sevan Drilling ASA: Sevan Driller - update

During regular maintenance of the slipjoint ( a slipjoint is a piece of equipment mounted between the riser and the diverter on the rig to take up movements towards the fixed riser and the subsea equipment); an arm of the remote operated vehicle ("ROV") broke and lodged into the return line from the blow out preventer ("BOP"). The ROV is provided and operated by Petrobras. We are now in cooperation with Petrobras, in the process of trying to get the broken piece from the ROV out of the BOP. If we do not succeed in getting this broken piece out of the BOP; we have to set a cement plug in the well and take the BOP to the surface for repair. The process of taking the BOP to the surface, repairing the BOP and put it back to the seabed, is estimated to take 14 days from now.

The repair is caused by a failure of equipment (ROV) supplied by Petrobras. We are therefore in discussions with Petrobras with respect to not counting this incident towards downtime in September.

We will revert with more information as soon as we know more about the operation of getting the broken piece out of the BOP.

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 90560406 mobile



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