Sevan Drilling is an international drilling contractor specializing in the ultra deepwater (UDW) segment. The Company owns and operate two rigs of the cylindrical Sevan design. Both rigs have long term charter contracts in Brazil.

In April 2013 Sevan Drilling signed a three-year charter contract for operation in the US Gulf of Mexico. The contract has been entered into between one of its wholly owned subsidiaries and LLOG Bluewater Holdings LLC. Sevan Drilling Rig no 3 which will be named Sevan Louisiana, is currently under construction at Cosco Quidong shipyard in China and will be used for the charter contract. The Sevan Louisiana is scheduled for delivery in Q4 2013, and the start of operations under the charter contract is expected to be in January 2014.
The Company has ordered one additional newbuild expected for delivery in second quarter 2014.

Sevan Drilling has an experienced management team and operating organization which is well positioned for further growth. The company has a robust financing at attractive terms, solid contract coverage and cash flows. The four high-end UDW rigs have a unique and cost effective design and are built for safe and efficient operations in ultra deep waters worldwide – including Brazil, West Africa and the US Gulf of Mexico. The Company has a perpetual license with Sevan Marine for use of the Sevan design for drilling purposes.

Long experience and strong focus on operating excellence and quality, health, safety and environment (“QHSE”) characterize both the management and the operating organization, which comprises approximately 481 employees based in Brazil, Norway and China.