Sevan Drilling ASA: Annual General Meeting Completed; Sevan Drilling Ltd: Migration from Norway to Bermuda Approved

The annual general meeting in Sevan Drilling ASA ("Sevan Drilling" or the "Company") was held today May 15th, 2015, at Advokatfirmaet Wiersholm AS' premises.

Minutes from the annual general meeting documenting the resolutions made are attached hereto. As follows from the minutes, all proposals on the agenda were adopted; cf. the notice of the Annual General Meeting that was published 24 April 2015, including but not limited to the following:

The Annual General Meeting resolved to move the parent company in the Sevan Drilling Group from Norway to Bermuda through a capital reduction distributing all shares in Sevan Drilling Ltd (Bermuda) to the Company's shareholders as repayment of paid-in capital.  The distribution will be done in a proportion securing that they will hold the same relative ownership in the  new  parent  (Sevan  Drilling  Ltd)  as  they  have  in  the  Company.  The implementation of the capital decrease and move to Bermuda is conditional upon (i) Oslo Børs resolving to list the shares in Sevan Drilling Ltd.  (a listing application was submitted  to Oslo Børs 23 April 2015 for listing of Sevan Drilling Ltd on Oslo Børs  or alternatively on Oslo Axess) and (ii) that no creditors object to the completion of the capital decrease and/or that the relationship to a creditor is not solved during the creditor notice period. The current timeline for the process indicates that the capital decrease and simultaneous listing of Sevan Drilling Ltd can be completed late-June.


For further information, please contact:

Scott McReaken, CEO, Sevan Drilling ASA

+47 911 94 651


About Sevan Drilling ASA and Sevan Drilling Limited:

Sevan Drilling ASA is an international offshore drilling contractor specializing in the ultra deepwater segment. Sevan Drilling ASA is listed on Oslo Børs.

Sevan Drilling Limited is an international offshore drilling contractor specializing in the ultra deepwater segment. Sevan Drilling Ltd applied for a listing on Oslo Børs (alternatively Oslo Axess) on 23 April 2015.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Minutes from AGM 15 May 2015

Totalt Representert AGM 15 May 2015

Protocol AGM 15 May 2015

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