Sevan Drilling Ltd: Sevan Developer Delivery Deferral Agreement Extension

Bermuda, 30 October 2015 - Reference is made to the press release dated 15 October 2015 regarding the Sevan Developer deferral agreement. Sevan Drilling and Cosco have agreed to exercise the first six-month option to extend the deferral agreement to 15 April 2016. Further, it has been agreed that Cosco will refund $26.3 million, or 5% of the contract price, plus associated interest to Sevan Drilling by 1 December 2015. The final delivery instalment has been amended to $447.1 million, representing 85% of the $526.0 million contract price and can be amended further upon the expiration of the option period.

Other terms and conditions under the deferral agreement dated 15 October 2014, including termination rights, remain unchanged.

For further information, please contact:

Scott McReaken, CEO, Sevan Drilling Management AS

+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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