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Sevan Drilling ASA: Sevan Brasil - Update

Reference is made to press release dated 1 October regarding the off hire of Sevan Brasil due to a damaged blow out preventer (BOP), and discussions on opportunities to use the rig to complete alternative work that does not require a BOP.

Following discussions with our client, Sevan Drilling is pleased to inform that we have agreed to use the rig Sevan Brasil to drill the top hole section on a new well location. The rig has moved to a new well location and effective from 22 October has started working at a day rate agreed to be 80 percent of the current contract rate. The rig will stay at the reduced day rate, which is approx. USD 320,000 until the BOP is back on the rig, tested and ready to be reinstalled.  At that time the rig will revert to its normal day rate and contract terms which is approx. USD 400,000. We remain on schedule for the needed repairs to the BOP and expect the rig to revert to its normal rate in line with previous guidance, which is first whole week of November.

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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