Sevan Drilling ASA: Management Agreements with Seadrill executed
As previously reported, since the acquisition by Seadrill Limited ("Seadrill") of a controlling stake in Sevan Drilling ASA ("Sevan Drilling" or the "Company"), the Company has been in the process of establishing agreements for the outsourcing of the rig management to Seadrill.
As reported in the Company's Q2 presentation, interim arrangements were put in place on 1 August 2013. Sevan Drilling is now pleased to report that permanent management agreements have been agreed and executed. Pursuant to these management agreements, Seadrill will provide management for the operation of Sevan Driller, Sevan Brasil, Sevan Louisiana and, ultimately, Sevan Drilling Rig 4. In respect of rig 4, Seadrill will also take responsibility for preparations for operations and mobilization and marketing of all rigs, as well as providing construction support. The agreements have been negotiated on market terms and are consistent with management agreements provided by Seadrill to other entities.
Scott Kerr, CEO, says: - Sevan Drilling is very pleased with the opportunity provided by having Seadrill as our majority shareholder. We have strong belief in the design and operations of our rigs and now with the assistance of Seadrill we have a much more stable financial basis as well a strong operating organization to deliver the full value of the company.
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.