Sevan Drilling ASA: Operational update:

Sevan Driller:


Sevan Driller had a technical uptime of 82.6% in September 2011.


The majority of downtime in September is related to the incident described in the press release dated September 13, 2011. The problem was solved in cooperation with Petrobras. The total downtime related to this incident was 97 hours (13.5 %).


Sevan Brasil:


The construction of Sevan Brasil is progressing according to plan. Overall completion is 88%; overall construction is 97% completed and overall commissioning is 39 % completed.  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.


A naming ceremony is scheduled for November 3rd. The vessel will go into Dry dock in December. Sea trials are scheduled for January 2012, and the window for heavy lift transport is mid-February to mid-March.


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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