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Sevan Drilling ASA: Q2 Update - Status Senior Financing Agreements

Due to costs associated with mobilisation of Sevan Brasil, Sevan Drilling is in temporary breach with one of the covenants in the bank loan agreements at the end of Q2 2012.

The company expect that this condition will be corrected when agreed funds from Petrobras (reimbursement of mobilisation fee and importation tax) will be received.

The present situation does not cause any changes to the business of Sevan Drilling.

Sevan Drilling will go into more details on this matter in the Q2 presentation scheduled for Thursday 16 August at 11.00.

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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