ONGC Awards Firm Drilling Contract to Sevan

With reference to the announcement on June 6, 2008, Sevan has today received a firm order from India's Oil and Natural Gas Corporation for the hire of an ultra deepwater drilling unit.

The drilling contract will have a fixed term of three years, starting from December 31, 2010. Revenues which could be generated over the three year period are approximately US $569 million including mobilization. Sevan Marine's scope will in addition include the provision of ROVs (Remote Operated Vehicles), which will be compensated separately.

Sevan has already secured commitments from shipyard and critical equipment suppliers for the construction of the drilling unit.

Sevan Marine will provide a newbuild drilling rig to ONGC, based on its proprietary Sevan 650 design. The rig will be designed to include the most advanced drilling capabilities in the industry, with a capacity to drill in water depths down to 10,000 ft. It will have a variable deck load of more than 15,000 metric tons and a high storage capacity of bulk materials and drilling fluids, reducing the need for re-supply compared to semi-submersibles. The secluded moon pool area limits the environmental impact of potential oil spills.

Sevan Marine's partner in India is Jindal Drilling & Industries Limited, with its head office in New Delhi. The Company is listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India. ONGC is a Fortune 500 company and India's national oil and gas company, with its registered office in New Dehli.

We are proud to be selected by ONGC for their deepwater drilling campaign on India's east coast. We see the Indian market as a strong growth market with a great potential for the Sevan applications, says Jan Erik Tveteraas, CEO.

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