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Sevan Drilling ASA: Operational Update for March

Sevan Driller:
Sevan Driller had a technical uptime of 95.6 % in March 2012. 

Sevan Brasil:
Sevan Brasil was loaded onto the heavy-lifter Mighty Servant 1 and left China 7 March. The voyage to Brasil has taken longer time than expected due to bad weather. The rig is expected to arrive in Rio de Janeiro at the end of April and remains on schedule for start-up under the Petrobras contract during the second quarter 2012.

Sevan Drilling rig no 3:
Construction of Sevan Drilling rig no 3 is progressing according to plan. Keel-laying took place 8 October, 2011 and erection of main hull is ongoing. Fabrication of drill-floor and living quarter have started. Hull launching took place 7 March, 2012.

Sevan Drilling rig no 4:
Construction of Sevan Drilling rig no 4 is also progressing according to plan. Keel-laying took place 16 December, 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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