News

Sevan Drilling ASA: Operational Update for February

Sevan Driller:
Sevan Driller had a technical uptime of 82.3 % in February 2012. The downtime in February is primarily related to an incident with the wash pipe and swivel drive shaft described in a release dated January 19, 2012. Sevan Driller was fully operational on February 3, 2012 after this incident. Since February 3, Sevan Driller has operated at an uptime higher than 90 %.
  
Sevan Brasil:
The mobilization of Sevan Brasil is progressing according to plan.  All thrusters have been dismounted and we are in the process of loading the rig onto the heavylift vessel. The rig will leave China the first week of March and arrive in Brazil in the first half of April, 2012.

The rig is scheduled to commence operation under a six year charter contract with Petrobras during second quarter 2012.

Sevan Drilling Rig no 3:
Construction of Sevan Drilling 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 and living quarter have started. Hull launching is planned primo March, 2012.

Sevan Drilling Rig no 4:
Construction of Sevan Drilling 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 Børs.

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

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