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Sevan Drilling Ltd: Changes to the Board of Directors and Financial Calendar 2017

Bermuda, 21 December 2016 - Sevan Drilling Limited ("Sevan" or "the Company") today announces the appointment of Ms. Elin Karfjell and Mr. Scott McReaken as Directors of the Company, and the 2017 financial calendar.

Ms. Karfjell is currently Managing Partner of of Atelika AS and has previously held various management positions across a broad range of industries. Prior to her current role, Ms. Karfjell served as Chief Executive Officer of Fabi Group, Director of Finance and Administration at Atea AS, and partner of Ernst & Young AS and Arthur Andersen. She is also a board member of DNO international ASA, Hent AS, Aker Philadelphia Shipyard, North Energy ASA, Idrettens helsesenter AS, and Contesto AS. . Ms. Karfjell holds a Bachelor of Science in Accounting from Oslo and Akershus University College of Applied Sciences and a Master of Science in Accounting and Auditing from the Norwegian School of Economics and Business Administration.

Mr. McReaken has served as the Company's Chief Executive Officer since November 2013. He also serves as the Chief Financial Officer of North Atlantic Drilling and the Treasurer and Secretary of the International Association of Drilling Contractors. Mr. McReaken has worked in offshore drilling industry for over 12 years and began his career at Arthur Andersen. He holds a bachelor of business administration in accounting from The University of Texas at Austin and is a Certified Public Accountant and Certified Internal Auditor.

The financial calendar 2017 for Sevan Drilling Limited is as follows:

23.02.2017 Preliminary fourth quarter and financial year 2016 results

25.05.2017 First quarter 2017 results

24.08.2017 Second quarter 2017 results

21.09.2017 Annual General Meeting

21.11.2017 Third quarter 2017 results

Please note that the dates are subject to change.

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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