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Sevan Drilling ASA: Operational Update

Sevan Drilling ASA ("Sevan") provides updates for the Sevan Developer, Sevan Louisiana, fleet utilization for the third quarter, and the planned migration to Bermuda.

Sevan Developer

Reference is made to updates dated 27 August 2014 and 22 September 2014. Sevan and Cosco have agreed to extend the Sevan Developer standstill agreement into the fourth quarter in order to allow the parties more time to negotiate a later delivery date as alternative to contract cancellation. Construction of the unit continues to progress at the shipyard.

Sevan Louisiana

Reference is made to updates dated 19 August 2014, 27 August 2014, and 08 September 2014. The Sevan Louisiana completed repairs to its BOP and tensioner system and expected to continue earning operational dayrate under its 3 year contract with LLOG in the Gulf of Mexico within the week starting 06 October 2014.

Fleet Utilization for the Third Quarter

Technical utilization for the fleet in the third quarter is approximately 64% which includes the downtime resulting from the Sevan Louisiana BOP and tensioner system repairs previously reported and downtime on the Brazil rigs related to subsea equipment repairs in September.

Migration

Reference is made to the second quarter report dated 27 August 2014. Due to the negotiations related to delivery of the Sevan Developer, the Board has decided to postpone the initiation of the migration process from Norway to Bermuda until the fourth quarter 2014.

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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