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Sevan Drilling ASA: Registration of New Share Capital Following 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 stock exchange announcement dated 1 March 2013 regarding completion of the subsequent offering of shares in Sevan Drilling ASA (the "Company").

The share capital increase related to the subsequent offering has now been registered with the Norwegian Register of Business Enterprises, and the total number of issued shares in the Company has increased by 7,998,436 shares, from 586,625,000 shares to 594,623,436 shares.

Consequently, the new share capital of the Company is NOK 594,623,436, divided into 594,623,436 shares, each with a par value of NOK 1.

The new shares will be immediately listed on Oslo Børs.

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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