Sevan Drilling ASA: Operational Update for May 2012

Sevan Driller:
Sevan Driller had a technical uptime of 98.5% in May 2012. 

Sevan Brasil:
Sevan Brasil arrived Rio de Janeiro on April 29, 2012 and to date we have done the importation of the rig and completed thruster installations. Acceptance testing with Petrobras has started and we reiterate our previous guidance that Sevan Brasil remains on schedule for start-up during the second quarter 2012.

Sevan Drilling Rig no 3:
Construction of Sevan Drilling Rig no 3 is progressing according to plan. Erection of main hull is underway while fabrication of drill-floor and living quarter have started.

Sevan Drilling Rig no 4:
Construction of Sevan Drilling Rig no 4 is also progressing according to plan.  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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