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SEVAN DRILLING ASA: RESIGNATION OF JON C. COLE

Sevan Drilling ASA announces that Jon C. Cole today has submitted his resignation as Chairman and board member of the Company effective on the day immediately prior to the upcoming Extraordinary General Meeting (see below). Mr. Cole is resigning to focus on his other business commitments.

The Board has accepted Mr. Cole's resignation and will, as previously announced, shortly call for an Extraordinary General Meeting to be held in early January for the purpose of inter alia electing additional board members and a new chairman.

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

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