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Sevan Drilling ASA: Q3 Results 2011

Highlights third quarter 2011

  • Operating revenue of USD 36.5 million which includes USD 2.7 million of revenue related to the favorable settlement with Petrobras with respect to the parted drillpipe which occurred in June 2011
     
  • Despite an underlying improvement in operations, technical uptime in Q3 was 88.2% due to two separate incidents in the quarter. Technical uptime was 98.1% in October 2011
     
  • Operating expenses for Sevan Drilling Group are according to expectations
     
  • Earnings before interest, taxes, depreciation, amortization (EBITDA) of USD 13.2  million
     
  • Steel cutting for Sevan rig no 4 commenced in September, ahead of schedule. Steel cutting for the Sevan rig no 3 commenced in June
     
  • Sevan Brasil naming ceremony held on 3 November. The rig will be delivered in Q1 2012, and will commence operations under a six year charter contract with Petrobras in Q2 2012
     
  • Cross default provisions towards Sevan Marine ASA were removed and debt has now been reclassified from short term to long term

Sevan Drilling ASA informs that the results for the third quarter of 2011 will be published on November, 9, 2011, at 8:00 a.m. (CET).

Scott Kerr (CEO) and Jon H. Wilmann (CFO) will at at 10:00 a.m. (CET) give a presentation of the results at Felix Konferansesenter, Vika, Oslo.

The presentation will be in English.

The presentation will also be broadcasted LIVE on http://www.sevandrilling.com/.

It is recommended that you log on to the webcast 5 minutes in advance of the presentation.

If you wish to call in to listen to the presentation, please find the dial-in details attached.

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 90560406 mobile

Report for 3rd quarter 2011

Sevan_Drilling_ASA_Conference_call_confirmation_Q3_2011

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