Sevan Drilling ASA: Sevan Drilling Appoints New CEO

November 6, 2013 - Scott McReaken to succeed Scott Kerr as Chief Executive Officer.

The Board of Sevan Drilling has today announced that Scott McReaken will succeed Scott Kerr as Chief Executive Officer of Sevan Drilling ASA.

Sevan Drilling today announces that Scott Kerr has decided to step down as Chief Executive Officer (CEO) of the company effective 15 November 2013.  The Board of Directors has appointed Mr. Scott McReaken who will join Sevan Drilling as CEO from Seadrill.

Scott Kerr has held the position as CEO of Sevan Drilling ASA since May 2011.  During his time as CEO of Sevan Drilling the company has developed from a start-up company to a fully operational rig organization with soon three ultra deepwater drilling units in operations. In the beginning of 2012, Sevan Drilling was transferred to the main list on the Oslo Stock Exchange, and during 2013 the company has been through a successful refinancing process.

"Scott Kerr has been heading Sevan Drilling since the company was listed on Oslo Axess in May 2011.  He has played a key role in developing the company into a respected deep water drilling company with a highly competent staff and a strong future. We wish Scott the very best as he moves forward to other ventures," said Chairman Erling Lind of Sevan drilling.

The board has appointed Mr. Scott McReaken (age 35) as CEO.  Mr. McReaken will join the Company as CEO from Seadrill where he has worked since July 2012 as the Director of Finance for the Americas Region.  Most recently, Mr. McReaken has been responsible for supervising operations and financing for Sevan Drilling on behalf of Seadrill.  Scott has been instrumental to the timely execution and implementations of the management service agreements.  Prior to Seadrill, Mr. McReaken held various management positions in Vantage Drilling and Pride International in Houston, Texas and Luanda, Angola.  He holds a bachelor of business administration in accounting from The University of Texas at Austin and is a Certified Public Accountant and Certified Internal Auditor.

For further information, please contact:

Mr. Erling Lind, Board Chairman, Sevan Drilling ASA
+47 21 02 10 00

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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