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Sevan Drilling ASA: Intra-group merger between Sevan Drilling and wholly owned subsidiaries

The board of Sevan Drilling ASA (the "Company") is contemplating a merger with its wholly owned subsidiaries Sevan Drilling Management AS, Sevan Driling Invest AS and Sevan Drilling Rig IX AS (the "Subsidiaries"), in an effort to simplify and rationalize the legal structure of the Sevan Drilling Group. The merger is, subject to certain conditions, scheduled to be adopted by the board of directors of all participating companies in early August 2012, and expected completed in early October 2012 with all the Subsidiaries' assets, rights and obligations being transferred to the Company without consideration.

The merger will be carried out as a simplified intra-group merger pursuant to the Norwegian Public Limited Companies Act (the "NCA") section 13-24 and will thus not require a general meeting. In accordance with NCA section 13-24 second paragraph no. 3, the following documents will be made available to the shareholders to view at the Company's registered business office and on the Company's web site (www.sevandrilling.com): (i) a joint merger plan in draft form; (ii) relevant annual accounts and reports for the past three financial years; and (iii) interim balance sheets of the participating companies as of 31 May 2012. Any shareholder who would like to have the merger documentation sent to them per mail may contact the Company in this respect.

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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