Sevan Drilling Ltd: Sevan Developer Delivery Deferral Agreement Third Extension

Bermuda, 17 October 2016 - Reference is made to the press release dated 30 October 2015 and 15 April 2016 regarding the Sevan Developer deferral agreement. Sevan Drilling Ltd ("the Company") and Cosco have agreed to exercise the third six-month option to extend the deferral agreement to 15 April 2017.

The final delivery instalment has been amended to $499.7 million, representing 95% of the $526.0 million contract price. Cosco will refund $26.3 million, or 5% of the contract price, plus other associated costs within the Fourth Quarter 2016. Other terms and conditions under the deferral agreement dated 15 October 2014, including termination rights, remain unchanged. The Company continues discussions with Cosco regarding the remaining interest in the Sevan Developer.
For further information, please contact:
Scott McReaken, CEO, Sevan Drilling Management AS

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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