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Sevan Drilling ASA: PROPOSED BOARD COMPOSITION

Reference is made to the notice for an extraordinary general meeting of Sevan Drilling to be held on Tuesday 23 July 2013 at 10:00 hours (CET). As follows from the notice, the agenda for the meeting includes appointment of members to the board and relates to the recent acquisition of a controlling interest by Seadrill Limited.

The nomination committee has now issued its recommendation for new board composition. The committee proposed that the EGM appoints the following board:

Erling Lind, chairman (re-elected)
Kristian Johansen (re-elected)
Benedicte Schilbred Fasmer (re-elected)
Per Wullf (re-elected)
Birgitte Ringstad Vartdal (new)

The proposal is made to reflect the new shareholder structure of the company while at the same time preserving continuity and independent representation, and is supported by Seadrill Limited.

The proposed new director, Birgitte Ringstad Vartdal, serves as chief financial officer of Golden Ocean Group (OSE:GOGL), a position she has served in since 2010. Ringstad Vartdal previous position was Vice President, Investments, in the Torvald Klaveness Group where she has also served in several other positions, including VP Head of Commercial Controlling, Risk Manager and Financial Analyst. Before this she was Structuring Analyst in Hydro Energy. Birgitte Ringstad Vartdal holds the degree of MSc (Siv.Ing.) in Physics and Mathematics from the Norwegian University of Science and Technology (NTNU) and an MSc in Financial Mathematics from Heriot-Watt University, Scotland. Golden Ocean Group, is an affiliate of Seadrill Limited.

For further information, please contact:

Scott Kerr, CEO, Sevan Drilling ASA (+47 992 83 890 mobile)

Jon H. Wilmann, CFO, Sevan Drilling ASA (+47 905 60 406 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 to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and/or the Oslo Børs continuing obligations.

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