Sevan Drilling ASA: Operational Update for September 2012

Sevan Driller:
Sevan Driller achieved a technical uptime of 93.6% in September 2012.   

Sevan Brasil:
Sevan Brasil achieved a technical uptime of 67.7% in September 2012. Prior to the BOP incident the rig had a technical uptime of 95.4%
Reference is made to press releases dated 24 September, 2012 and 1 October, 2012 regarding the 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.

Sevan Drilling Rig no 3:
Construction of Sevan Drilling Rig no 3 is progressing according to plan and reached 51% overall completion in September. Fabrication of drill-floor and living quarter are well under way and erection of all blocks is nearly complete. The drill-floor and living quarters 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 37% overall completion in September. Erection of lower part of main hull is ongoing. Fabrication of remaining blocks is 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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