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Sevan Drilling ASA: Press Release

Oslo, 29 June 2015 - A subsidiary of Sevan Drilling, Sevan Marine Serviços de Perfuração Ltda., has been present in the Brazilian market since 2008 and its contracts for the rigs Sevan Brasil and Sevan Driller were executed in 2008 and 2009, respectively (the "Sevan Drilling Contracts"). In 2011, Sevan Drilling was separated out from the 100% ownership of Sevan Marine ASA and listed separately on the Oslo stock exchange.

Sevan Drilling notes the press release today of Sevan Marine ASA that it has engaged a law firm to conduct an investigation into a former manager and agent of Sevan Marine ASA being named in connection with the Brazilian authorities' investigation into corrupt activities involving Petrobras. The agent concerned is also an agent in connection with the Sevan Drilling Contracts. Sevan Drilling was aware of the press articles referred to by Sevan Marine ASA and had already commenced its own internal investigation notwithstanding that the allegations did not relate to the Sevan Drilling Contracts.

Sevan Drilling has not been notified by any authority and does not have any information regarding any investigation relating to any of its subsidiaries' contracts. Sevan Drilling considers these allegations to be extremely serious and is ready to collaborate with the authorities and provide any clarifications which may be required.

 

For further information, please contact:

Scott McReaken, CEO, Sevan Drilling

+47 91194651 mobile

About Sevan Drilling:

Sevan Drilling ASA is an international offshore drilling contractor specializing in the ultra deepwater segment. As announced June 29, the Migration of the Sevan Drilling group will be completed on June 30. 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 be delisted.

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