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Sevan Drilling ASA: Ex Right to Participate in Subsequent Offering Today, 15 January 2013

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

Oslo, 15 January 2013

Reference is made to stock exchange announcements from Sevan Drilling ASA (the "Company", ticker "SEVDR") dated 14 January 2013 and 15 January 2013.

The shares in the Company will trade excluding the right to participate in the subsequent offering from today, 15 January 2013 (ex-date).

As set out in the announcements dated 14 January and 15 January 2013, completion of the private placement and the subsequent offering is conditional upon, inter alia, approval by an extraordinary general meeting of the Company to be held on or about 6 February 2013.

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This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended. The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into the Australia, Canada, Japan or the United States.

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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