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Sevan Drilling ASA: Operational Update for November 2012

Sevan Driller:
Sevan Driller achieved a technical uptime of 97.3% in November 2012.   

Sevan Brasil:
Repair of the BOP was completed and Sevan Brasil was placed back on 100% of the contract day rate on 16 November, 2012.  Since that date the rig has operated at 97% technical uptime.
  
Sevan Drilling Rig no 3:
Construction of Sevan Drilling Rig no 3 is progressing according to plan and reached 58% overall completion in November. The drill-floor, the lower part of the derrick and living quarters were lifted and integrated to the main hull in November 2012. The upper part of the derrick will be integrated in December. Preparation for commissioning has started and commissioning of the first systems will begin in early 2013.

Sevan Drilling Rig no 4:
Construction of Sevan Drilling Rig no 4 is also progressing according to plan and reached 44% overall completion in 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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