Sevan Drilling ASA: Operational Update for April 2012

Sevan Driller:
Sevan Driller had a technical uptime of 66.7% in April 2012. The downtime in April was mainly related to the repair of a control line on the BOP as described in a press release on 16 April, 2012. Sevan Driller was back on full day rates at 22 April, 2012. Total downtime related to this incident was approximately seven days.
Sevan Brasil:
Sevan Brasil arrived Rio de Janeiro on 29 April, 2012 and we are preparing for the acceptance testing with Petrobras. We reiterate our previous guidance that Sevan Brasil remains on schedule for start-up under the Petrobras contract during the second quarter 2012.
Sevan rig no 3:
Construction of Sevan rig no 3 is progressing according to plan. Erection of main hull is underway while fabrication of drill-floor and living quarter has started. Hull launching took place 7 March, 2012.
Sevan rig no 4:
Construction of Sevan 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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