SEVAN DRILLING ASA: Operational update

Sevan Driller:

Sevan Driller had a technical uptime of 99.2% in October 2011. We are finishing operation at the present location and will move to a new location in Santos Basin.

Sevan Brasil:

The construction of Sevan Brasil is progressing according to plan. Overall completion is 95 %; overall construction is 99.5% complete and overall commissioning is 82 % complete. We are now moving the rig into drydock to finish the work on the hull. Sea trials are scheduled for January 2012, and the window for heavy lift transport is mid-February to mid-March." 

The rig remains on schedule 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."

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 22330000 office

+47 99283890 mobile

Jon H. Wilmann, CFO, Sevan Drilling ASA

+47 22330000 office

+47 90560406 mobile

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