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<![CDATA[Sevan Drilling]]>

Sevan Drilling has signed a Letter of Intent with an operator in the US Gulf of Mexico for a three-year charter contract of one its newbuild rigs currently under construction. The currently agreed charter rate is in line with previous company guidance of around USD 500,000 per day. Further details will be provided once a final charter contract is executed. Sevan Drilling intends to establish an office in the US to support the operation of the rig.

The final terms and conditions of the contract are expected to be concluded in the upcoming weeks. There can, however, be no assurances that a final contract will be entered into.

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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