Sevan Drilling ASA: Sevan Louisiana Update

On 13 May 2014, Sevan Drilling received a USD 32.5 million mobilization fee for the Sevan Louisiana.  The rig is continuing acceptance testing and is expected to be on rate by the end of May.  The Sevan Louisiana is contracted with LLOG in the US Gulf of Mexico for a firm period of 1,095 days and the total revenue potential for the primary contract term is approximately USD 585.5 million inclusive of the mobilization fee.

For further information, please contact:

Scott McReaken, CEO, Sevan Drilling ASA
+47 91194651 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 of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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