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Sevan Drilling Ltd: Buy back of own shares

Bermuda June 1, 2015 - Today is the record date for the participation in the migration of the Sevan Group from Norway to Bermuda, i.e. the shareholders as of today will receive delivery of shares in Sevan Drilling Limited ("the Company") as repayment of paid-in capital in Sevan Drilling ASA. As previously announced entitled shareholders will receive one share in the Company for every 20 shares in Sevan Drilling ASA.

After completion of the distribution of Sevan Drilling Limited shares, Sevan Drilling ASA will still hold shares in the Company. As previously stated, the migration plan has provided that the entitled shareholders should hold approximately the same relative ownership in the Company as they have in Sevan Drilling ASA. Further, Sevan Drilling ASA should not be a shareholder in the Company after completion of the migration.

On this background the board of directors of the Company has resolved that the company will buy back its own shares held by Sevan Drilling ASA. The shares will be automatically cancelled upon purchase. The consideration the Company will pay for the shares is the market price of the shares as at close of trading today.

The buyback will be affected tomorrow morning (July 2) before opening of the trading day when the exact number of Sevan Drilling Limited shares held by Sevan Drilling ASA is known. The Company will after completion of the buyback disclose the new share capital of the Company after the cancellation and the exact details of the buyback as required by the disclosure rules set out in the Norwegian Securities Trading Act.

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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