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Sevan Drilling Ltd: First Day of Trading in Sevan Drilling Limited and Delisting of Sevan Drilling ASA

Oslo, June 30th, 2015 - Today marks the first day of trading in the shares of Sevan Drilling Limited.

Sevan Drilling Limited is the new listed parent company of the Sevan Drilling Group continuing the activities which were conducted in Sevan Drilling ASA. Further, the shares of Sevan Drilling ASA have now been delisted.

The completion of the capital decrease in Sevan Drilling ASA was registered in the Norwegian Register of Business Enterprises after end of trading on June 29, 2015. As a result of the registration, the shares of Sevan Drilling Limited will be distributed to Sevan Drilling ASA's shareholders as repayment of paid-in capital. The entitled shareholders will receive 1 Sevan Drilling Limited share for every 20 shares in Sevan Drilling ASA. The entitled shareholders will hold the same relative ownership in Sevan Drilling Limited as they have in Sevan Drilling ASA. No fractional shares will be issued. When fractional shares occur the company will round up to the nearest whole number of shares. The share capital of Sevan Drilling Limited consists of 31,000,000 common shares, each with a par value of USD 0.10. The Sevan Drilling Limited shares will be visible on the eligible shareholders' VPS accounts the morning of July 2, 2015.

The following apply to trading in Sevan Drilling Limited:

ISIN: BMG8070J1099

Ticker: SEVDR

The Norwegian Financial Supervisory Authority has approved the listing prospectus for Sevan Drilling Limited. The listing prospectus is available at www.sevandrilling.com and www.platou.no or in hardcopy from:

Sevan Drilling's headquarters

Drammensveien 288

N-0283 Oslo

Norway

Tel: +47 22 33 00 00

or

Clarksons Platou's Oslo office

Munkedamsveien 62c

N-0270 Oslo

Norway

Tel: +47 22 01 63 00

The shareholders of Sevan Drilling ASA entitled to receive shares in Sevan Drilling Limited at the record date (July 1, 2015) will still be shareholders of Sevan Drilling ASA holding the same number of shares as they did prior to the capital decrease and listing of Sevan Drilling Limited. Sevan Drilling ASA will be an unlisted company with a share capital of NOK 1,000,000 divided on 594,623,436 shares with a nominal value of NOK 0.001681737 per share. As resolved during Sevan Drilling ASA's annual general meeting held May 15, 2015 the board of directors will assess Sevan Drilling ASA's future and present the available alternatives to shareholders in an extraordinary general meeting to be held prior to year-end 2015.

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

+47 91194651 mobile

About Sevan Drilling:

Sevan Drilling Limited is an international offshore drilling contractor specializing in the ultra deepwater segment. Sevan Drilling Limited 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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