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Sevan Drilling ASA: Approval of Listing Transfer Prospectus

The Norwegian Financial Supervisory Authority ("Finanstilsynet") has today approved the prospectus prepared by Sevan Drilling ASA ("Sevan Drilling" or the "Company") in connection with the transfer of listing of the Company's shares from Oslo Axess to Oslo Børs. The prospectus serves as a listing prospectus only as required by Norwegian law and regulations, and no offering or other sale of shares has or will be completed in this respect.

The prospectus, which is dated 10 February 2012, will from today be publicly available at the Company's offices and on the Company's web site, www.sevandrilling.com.

The last day of listing of the Company's shares on Oslo Axess will be today, Friday 10 February 2012. The first day of listing on Oslo Børs will be Monday 13 February 2012. The shares will be listed on Oslo Børs under the Company's current ticker code "SEVDR".

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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