SEVAN DRILLING ASA: Update on Listing Transfer

Reference is made to Sevan Drilling ASA's ("Sevan Drilling" or the "Company") previous announcement concerning an application to transfer the listing of its shares from Oslo Axess to Oslo Børs.

The Company can inform that it expects that the board of Oslo Børs ASA will consider the application in its meeting scheduled for 25 January 2012. Subject to approval therein, the listing on Oslo Børs and simultaneous delisting from Oslo Axess may take place shortly thereafter, following publication of a listing prospectus.

For further information, please contact:

Scott Kerr, CEO, Sevan Drilling ASA
+47 99283890 mobile

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

About Sevan Drilling:
Sevan Drilling ASA is an international offshore drilling contractor specializing in the ultra deepwater segment. Sevan Drilling ASA is listed on Oslo Axess.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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