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Sevan Drilling ASA: Extended Waivers

Reference is made to the Sevan Drilling Q3 report and presentation as released on 15 November 2012, in which it was reported that the company had received certain waivers of covenants in its bank facilities, and that it was in dialogue with its lending banks. The company has now been granted extended waivers from its lenders, which are in effect through the end of February 2013.

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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