Sevan Signs Bank Financing Deal for Semisub

Sevan Drilling AS has signed a mandate with two leading financial institutions to arrange construction financing and a six-year term loan with a 7.5-year profile of up to US$250 million (pre-delivery) and US$400 million (post-delivery) for the Sevan Driller.

The construction of the Sevan Driller is proceeding according to plan. The unit is expected to be ready to drill in the US Gulf of Mexico in first quarter 2009, under a 6-year contract with Petrobras.

"We are pleased to announce this bank facility, intended to complete the financing of the advanced deepwater drilling unit Sevan Driller, based on Sevan's own proprietary technology," said Jan Erik Tveteraas CEO, Sevan Marine ASA.

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