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Sevan Drilling ASA: Operational Update for December 2012

Sevan Driller:
Sevan Driller achieved a technical uptime of 92.7% in December 2012. On 29 December Sevan Driller successfully completed the well it was drilling in the Santos basin and moved to Guanabara Bay offshore Rio de Janeiro. As previously announced, we will perform required maintenance on the dynamic positioning and electrical systems on the rig and in addition, we will complete the three-year compulsory marine hull survey. The maintenance and the marine hull survey are in total estimated to last for 20 days and Sevan Drilling will receive 90% of the contract day rate during this period.       

Sevan Brasil:
Sevan Brasil achieved a technical uptime of 97.0% in December 2012.   
  
Sevan Drilling Rig no 3:
Construction of Sevan Drilling Rig no 3 is progressing according to plan and reached 64.5% overall completion in December 2012. The drill-floor, derrick and living quarters were lifted and integrated to the main hull in November 2012. Preparation for commissioning has started and commissioning of the first systems will begin in Q1 2013.

Sevan Drilling Rig no 4:
Construction of Sevan Drilling Rig no 4 is also progressing according to plan and reached 51.8% overall completion in December 2012. The main deck is now lifted and integrated to the hull. Lifting of modules up to upper deck will start according to plan January 2013. The drill floor, living quarters and derrick will be lifted and integrated to the main hull in Q1 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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