SEVAN DRILLING ASA: Sevan Drilling - Operational update:

Sevan Driller:

Sevan Driller had a technical uptime of 98.1% in October 2011.

Sevan Brasil:

The construction of Sevan Brasil is progressing according to plan. Overall completion is 92 %; overall construction is 99.5% completed and overall commissioning is 65 % 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
+47 99283890 mobile

Jon H. Wilmann, CFO, Sevan Drilling ASA
+47 64001847 office
+47 90560406 mobile

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