Sevan Drilling ASA: Operational Update for August 2012

Sevan Driller:
Sevan Driller achieved a technical uptime of 98.3% in August 2012.   

Sevan Brasil:
Sevan Brasil achieved a technical uptime of 100% in August 2012. Sevan Brasil has been on 90% stand-by rate since the rig was accepted under the 6 year contract with Petrobras on 24 July, 2012. Sevan Drilling has been awaiting instructions from Petrobras to start drilling operation. We have now received those instructions and Sevan Brasil spudded it's first well on the 31 August in Santos basin at a water depth of 1 800 m.

Sevan Drilling Rig no 3:
Construction of Sevan Drilling Rig no 3 is progressing according to plan and reached 49% overall completion in August. Docking of main hull was done in July and all remaining modules up to main deck were lifted on to main hull. Fabrication of drill-floor and living quarter are well under way and erection of all blocks are close to completion. The living quarters and drill-floor will be lifted and integrated to the main hull in Q4 2012. All main equipment deliveries are on schedule.

Sevan Drilling Rig no 4:
Construction of Sevan Drilling Rig no 4 is also progressing according to plan and reached 34% overall completion in August. Erection of lower part of main hull is ongoing. Fabrication of blocks for living quarters and drill-floor are progressing according to plan.

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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