Sevan Drilling ASA: Operational Update

Sevan Driller:
Sevan Driller had a technical uptime of 55.9% in January 2012. The downtime in January is primarily related to an incident with the wash pipe and swivel drive shaft described in a release dated January 19, 2012.

As of 12 pm local Brasilian time on February 4, Sevan Driller was fully operational. 

Sevan Brasil:
The construction and mobilization of Sevan Brasil is progressing according to plan.  Sea trials were successfully completed on February 2 and the rig is now undergoing final preparations for transport.  The window for heavy lift transport of the rig to Brazil is between March 1 and March 7.

We expect Sevan Brasil to arrive in Rio de Janeiro by mid-April 2012. The rig is scheduled to commence operation under a six year charter contract with Petrobras during second quarter 2012.

Sevan rig no 3:
Construction of 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:
Construction of Sevan rig no 4 is also progressing according to plan. Keel-laying took place December 16, 2011 and erection of lower part of main hull is ongoing.

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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