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Sevan Drilling ASA: Operational Update for February 2013

Sevan Driller:
Sevan Driller had a technical uptime of 70% in February 2013. The excessive downtime for the month was due to slower testing and start-up of systems following the maintenance and hull inspection was completed in January. Downtime was spread throughout the month and included replacing seals on the BOP. All work is complete and the rig is currently running the BOP.  

Sevan Brasil:
Sevan Brasil achieved a technical uptime of 97% in February 2013.   

Sevan Drilling Rig no 3:
Construction of Sevan Drilling Rig no 3 is progressing according to plan and reached 70% overall completion in February 2013. Commissioning of the first systems, diesel generators, started in January 2013.

Sevan Drilling Rig no 4:
Construction of Sevan Drilling Rig no 4 is also progressing according to plan and reached 56% overall completion in February 2013. Lifting of modules up to upper deck is complete and the drill floor, living quarters and derrick will be lifted and integrated to the main hull in March 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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