Sevan Drilling ASA: Sevan Brasil - Update

Reference is made to press release dated 22 October.

Sevan Brasil has completed drilling of the top-hole section and moved back to the original location. Repair of the blow out preventer ("BOP") is completed and functionally tested on the rig floor. The risers and the BOP are beeing run now and this is expected to be completed by Thursday. Subject to final functional testing, the rig will be back on full day rate. Further update will be provided at the Q3 Financial presentation coming Thursday.

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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