As reported today, Finanstilsynet (the Financial Supervisory Authority of Norway) has issued a letter to Sevan Drilling whereby the company is critized for certain omossions in its initial public offering prospectus back in April 2011. The criticism relates to the short temporary equity covenant breach by Sevan Drilling's former parent Sevan Marine (and consequent cross default) which was later reported in the company's interim report for Q1 2011.
Sevan Drilling acknowledges the omission and Finanstilsynet's remarks, but note that the relevant breach was purely technical and immaterial in its context, and at the time of the prospectus unknown to both the company and Sevan Marine. It was furthermore immediately rectified. As previously reported, the company's linkages to Sevan Marine were fully cleared in Q3 2011.
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 Børs.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.