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Sevan Drilling ASA: Sevan Developer Update

Reference is made to the Q2 earnings release dated August 27, 2014, regarding the significant delay in the delivery of Sevan Developer. As stated in the report, the Company is considering several options of which cancellation of the contract or negotiating a later delivery date were mentioned specifically. As part of these negotiations, Sevan Drilling has entered into a standstill agreement with Cosco (Qidong) Offshore Co. Limited related to Sevan Developer's construction contract. Negotiations with Cosco continue and the Company expects to conclude in the coming weeks.

For further information, please contact:

Scott McReaken, CEO, Sevan Drilling ASA 
+47 911 94 651 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

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