Sevan Drilling ASA: Minutes from EGM

An extraordinary general meeting of the shareholders of Sevan Drilling ASA (the "Company", ticker "SEVDR") was held today, 6 February 2013, at 12:00 hours CET.

The minutes from the extraordinary general meeting recording the resolutions made are enclosed hereto. As follows from the minutes, the extraordinary general meeting approved all proposals made by the Company's board of directors as set out in the notice issued on 16 January 2013, including the issue of shares in the private placement announced on 14 January 2013 and the authorization of the board of directors to issue shares in the subsequent offering following the private placement.

With reference to previous announcements, the Company expects that final amendment agreements, documenting revised financing terms, will be executed on or about 7 February 2012, following which the conditions for completion of the USD 175 million private placement will have been fulfilled. It is expected that the private placement shares will be issued on 13 February 2013, following approval and publication of the prospectus. The subsequent offering is expected to start on or about 14 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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