Sevan Drilling was established in 2006 for the purpose of building state-of-the-art ultra deepwater drilling rigs based on the Sevan 650 design. Later the same year, Sevan Marine successfully completed a private placement for the purpose of financing, in part, its drilling business, and an order for Sevan Driller was placed with China Ocean Shipping (Group) Company (COSCO) in 2007.