Sevan Drilling ASA: Sevan Brasil Update

Reference is made to press release dated 24 September, 2012 regarding the blow out preventer (" BOP ") on Sevan Brasil. During installation and testing the BOP was damaged due to human error. The damage was such that we have pulled the BOP to surface and will send it to the manufacturer for repair. Further, we have estimated the time for shipping, repairing and reinstalling the BOP to be between 5 and 6 weeks from today. We estimate that the rig will be back on full day rate during the first half of November.   

At the same time, we are discussing opportunities to use the rig to complete work that does not require a BOP (drilling the top hole section or workovers) with Petrobras to shorten the time that the rig is off contract related to this incident. We will revert with more information if any of these options materialize.

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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