Sevan Drilling ASA: Completion of migration of the Sevan group from Norway to Bermuda - listing of Sevan Drilling Limited and delisting of Sevan Drilling ASA

Oslo, June 29th, 2015 - Reference is made to the announcement dated May 15, 2015 regarding the annual general meeting's resolution to move the parent company in the Sevan Drilling Group from Norway to Bermuda (the "Migration"). The Migration will occur through a capital reduction distributing all shares in Sevan Drilling Limited (Bermuda) to Sevan Drilling ASA's shareholders as a repayment of paid-in capital. Sevan Drilling Limited will be the new listed parent company of the Sevan Drilling group continuing the activities which are currently conducted in Sevan Drilling ASA, and Sevan Drilling ASA will then be delisted.

The creditor notice period for the capital decrease expired at midnight June 26, 2015. Sevan Drilling ASA has not received any objections to the capital decrease and the board of directors of Sevan Drilling ASA has resolved to register the decrease as completed in the Norwegian Register of Business Enterprises after close of the trading day today, effecting the Migration on June 30, 2015. Today will be the last day Sevan Drilling ASA shares will trade inclusive of the right to receive Sevan Drilling Limited shares.

The first day of listing of Sevan Drilling Limited will be June 30, 2015. The listing prospectus is dated June 29, 2015 and will be made public before the opening of trading June 30, 2015. When the Listing of Sevan Drilling Limited takes place tomorrow the entitled shareholders will automatically receive 1 Sevan Drilling Limited share for every 20 shares in Sevan Drilling ASA. The entitled shareholders will hold the same relative ownership in the new parent Sevan Drilling Limited as they have in Sevan Drilling ASA. No fractional shares will be issued, so when fractional shares occur the company will round up to the nearest whole number of shares. Sevan Drilling ASA will be delisted as of June 30, 2015

As of June 30, 2015 the following will apply to trading in Sevan Drilling Limited:

ISIN: BMG8070J1099

Ticker: SEVDR.

Important information: It should be noted that for technical reasons the capital decrease will be completed in the settlement system of VPS as a demerger. 

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 until June 29, 2015.

Sevan Drilling Limited is an international offshore drilling contractor specializing in the ultra deepwater segment. The listing of Sevan Drilling Limited on Oslo Børs will occur June 30, 2015.

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

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