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SEVAN DRILLING ASA: Operational update

Sevan Driller:
Sevan Driller had a technical uptime of 98.9 % in December 2011.  

Sevan Brasil:
The construction of Sevan Brasil is progressing according to plan. We are in the final stage of commissioning and final preparations for sea-trials. Sea trials are scheduled to start in January, and the window for heavy lift transport is ultimo-February to primo-March." 
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.

Sevan rig no 3 :
Sevan rig no 3 is progressing according to plan. Keel-laying took place October 8, 2011 and erection of main hull is ongoing. Fabrication of drill-floor has started.

Sevan rig no 4 :
Sevan rig no 4 is progressing according to plan. Keel-laying took place December 16, 2011 and erection of lower part of main hull is ongoing.

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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