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Sevan Drilling ASA: Operational Update for October 2012

Sevan Driller:
Sevan Driller achieved a technical uptime of 97.8% in October 2012.   

Sevan Brasil:
Sevan Brasil relocated to a new well location and initiated drilling the top hole section at 80% of the contract day rate on 22 October. Since that date the rig has operated at a 99% technical uptime.

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.

Sevan Drilling Rig no 3:
Construction of Sevan Drilling Rig no 3 is progressing according to plan and reached 55% overall completion in October. The drill-floor, derrick and living quarters will be lifted and integrated to the main hull in November 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 41% overall completion in October. Erection of upper part of main hull is ongoing. Fabrication of living quarter and drill-floor 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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