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Sevan Drilling ASA: Completion of Subsequent Offering

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

Reference is made to the prospectus dated 12 February 2013 and the stock exchange announcement dated 13 February 2013 concerning the subsequent offering (the "Subsequent Offering") of up to 37,500,000 shares (the "Offer Shares") in Sevan Drilling ASA (the "Company") at a subscription price of NOK 3.95 per share.

The subscription period in the Subsequent Offering ended on 28 February 2013 at 16.30 hours (CET). As a result of the Subsequent Offering, the Company will issue 7,998,436 Offer Shares at NOK 3.95 per share raising gross proceeds of approximately NOK 31.6 million.

All subscribers being allotted Offer Shares will receive a letter confirming the number of Offer Shares allotted to the subscriber and the corresponding amount to be paid. This letter is expected to be distributed on or about today's date.

Payment for the Offer Shares will fall due on 6 March 2013 and delivery will take place on or about 8 March 2013. Following registration of the issue of the Offer Shares the total number of issued shares in the Company will increase by 7,998,436 shares, from 586,625,000 shares to 594,623,436 shares.

The Offer Shares may not be transferred or traded before they are fully paid and the share capital increase pertaining to the Subsequent Offering has been registered with the Norwegian Register of Business Enterprises. It is expected that the share capital increase will be registered in the Norwegian Register of Business Enterprises on or about 8 March 2013 and that the Offer Shares will immediately thereafter be admitted to trading on Oslo Børs.

Pareto  Securities AS  and Swedbank  First Securities  are acting  as joint lead managers  and joint  bookrunners for  the Subsequent Offering, and Carnegie AS is acting as co-manager for the Subsequent Offering.

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.

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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.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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