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Sevan Drilling : Allocation to Primary Insiders

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 announcement from Sevan Drilling ASA (the "Company", ticker "SEVDR") dated 14 January 2013 and 15 January 2013 regarding the conducted private placement of NOK 987.5 million (the "Private Placement"). The following primary insiders of the Company have been allocated shares in the primary insider tranche in connection with the Private Placement, at a price per share of NOK 3.95:

  • The Company's CEO, Scott Kerr, has been allocated 253,200 shares, and will after delivery of such hold 873,300 shares.
  • The Company's CFO, Jon Wilmann, has been allocated 185,600 shares, and will after delivery of such hold 311,988 shares.
  • Board member Kitty Hall has been allocated 32,900 shares, and will after delivery of such hold 62,900 shares.
  • The Company's Vice President QHSE, Pascal Busch, has been allocated 14,000 shares, and will after delivery of such hold 14,000 shares in the Company.
  • The Company's Vice President HR, Eileen Aspehaug, has been allocated 12,700 shares, and will after delivery of such hold 12,700 shares.

The Company's primary insiders will not be allowed to participate in the subsequent offering following the Private Placement.

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For further information, please contact:

Scott Kerr, CEO (+47 992 83 890)             
Jon Wilmann, CFO (+47 905 60 406)

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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.

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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