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<![CDATA[Sevan Drilling ASA]]>
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

Oslo, 19 June 2013: Sevan Drilling (OSE: SEVDR) announces that it subject to certain conditions has agreed the principle terms of a five year secured corporate bank facility of USD 1,450 million, for the purpose of refinancing all outstanding debt of the company related to the two operational drilling rigs "Sevan Driller" and "Sevan Brasil", as well as financing for the delivery of "Sevan Louisiana" and "Driller 4" currently under construction at COSCO shipyard. The corporate facility combined with the proposed bond issue described below will finance the Company's operations for the upcoming years. The bank syndicate is co-ordinated by ING Bank N.V, and will include NIBC Bank N.V., DVB Bank SE and Swedbank AB (publ) as lenders and a part guarantee by the Norwegian Guarantee Institute for Export Credits (GIEK). GIEK has committed USD 750 million in the bank facility. The bank facility consist of a USD 1,100 million Tranche A for the rigs "Sevan Driller", "Sevan Brasil" and "Sevan Louisiana", and a USD 350 million Tranche B for "Driller 4".

As part of the financing efforts, the company announces the launch of a USD 500 million senior secured second lien bond issue with maturity in January 2019 (5.5 years). Pareto Securities AS, RS Platou Markets AS and Swedbank First Securities have been appointed as Joint Lead Managers and Bookrunners for the bond issue. SEB is acting as co-lead manager.

With the combined net proceeds from the new bank facility and the proposed bond issue, the company will have secured sufficient funding for delivery of "Sevan Louisiana" and "Driller 4", deferred liabilities, pre-operational costs, mobilization cost and general corporate purposes. "Sevan Louisiana" is scheduled for delivery in September 2013, and "Driller 4" is scheduled for delivery in April 2014.

Completion of the financings remains subject to placing and settlement of the bond issue, agreement of and execution of final loan documentation, certain confirmatory credit approvals with respect to the bank facility, and respective customary conditions precedent. If completed, it is expected that closing of the transactions and first disbursements will take place in September in connection with delivery of "Sevan Louisiana".

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For further information, please contact:

Scott Kerr, CEO (+47 992 83 890)  
Jon Willmann, CFO (+47 905 60 406)

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About Sevan Drilling:
Sevan Drilling ASA is an international offshore drilling contractors specializing in the ultra deepwater segment. Sevan Drilling ASA is listed on Oslo Børs.

This press release and the information herein are subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. The release does not constitute or form part and shall not be implied to constitute an offer or solicitation to purchase or subscribe for securities in any jurisdiction.

Explicitly, the press release does not constitute or form part and shall not be implied to constitute an offer or solicitation to purchase or subscribe for securities in the United States. Any 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. Sevan Drilling has not registered any of its securities and does not intend to register any portion of securities mentioned herein in the United States or to conduct any public offering of 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.

Certain statements contained herein that are not statements of historical fact, may constitute forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results or events concerning Sevan Drilling to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Although the company has attempted to identify important factors that could cause actual events or results to differ from those described in forward-looking statements contained herein, there can be no assurance that the forward-looking statements will prove to be accurate as actual future events could differ materially from those anticipated in such statements. Except as may be required by applicable law or stock exchange regulation, Sevan Drilling undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

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