Sevan Drilling ASA: Status Senior Financing Agreements

Reference is made to the press release dated 13 August, 2012 regarding the breach of free cash covenant in the Sevan Drillings bank loan agreements.

Sevan Drilling has received the agreed funds of USD 45 million from Petrobras, which refers to reimbursement of mobilisation fee and importation tax.

Consequently, Sevan Drilling is no longer in breach of covenants under the bank loan agreements, and the interest bearing bank debt will be re-classified from short term debt to long term debt as of third quarter 2012. 

In addition, Sevan Drilling has received waivers from our banks reducing the required free cash from USD 50 million to USD 15 million until the end of 2012.

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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