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Sevan Drilling Ltd: Sevan Developer Delivery Deferral Agreement Second Extension

Bermuda, 15 April 2016 - Reference is made to the press release dated 30 October 2015 regarding the Sevan Developer deferral agreement. Sevan Drilling and Cosco have agreed to exercise the second six-month option to extend the deferral agreement to 15 October 2016. The final delivery instalment has been amended to $473.4 million, representing 90% of the $526.0 million contract price and Cosco will refund $26.3 million, or 5% of the contract price, plus other associated costs to Sevan Drilling by 25 May 2016. The agreement 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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