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Sevan Drilling Ltd: Buy back of shares and new share capital

Bermuda July 2, 2015 - Reference is made to the announcement yesterday regarding Sevan Drilling Limited's buy back of its shares held by Sevan Drilling ASA for the purpose of cancellation. Today at 08.00 am Sevan Drilling Limited completed the buyback acquiring 1,268,543 of its shares from Sevan Drilling ASA at a price of NOK 10.20 per share.

As announced yesterday the background for the buyback and cancellation is to ensure that the shareholders participating in the migration of the Sevan Group from Norway to Bermuda will hold approximately the same relative ownership in Sevan Drilling Limited after the migration as they have in Sevan Drilling ASA.

After completion of the transactions the share capital of Sevan Drilling Limited will consist of 29,731,457 shares each having a nominal value of USD 0,10. Sevan Drilling ASA does not hold any shares in Sevan Drilling Limited after the transaction.

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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