Sevan Takes Delivery of Sevan Louisiana from Cosco Quidong Shipyard

Norway-based Sevan Drilling ASA (Sevan Drilling) announced Wednesday that the company has taken delivery of Sevan Louisiana (UDW semisub) from Cosco Quidong Shipyard (Cosco) in China. Sevan Louisiana is Sevan Drilling's third deep water drilling rig and will start the transit to the U.S. Gulf of Mexico. It is expected that the rig will commence operation for LLOG Bluewater towards the end of 1Q 2014, following completion of mobilization and certain additional equipment installations.

In connection with the delivery of Sevan Louisiana, the company has also closed and drawn $1.4 billion of its new $1.75 billion bank facility as announced July 23. These funds have been used to repay and settle the existing bank facilities related to Sevan Driller (UDW semisub) and Sevan Brasil (UDW semisub) and to settle the remaining installment and other payables to Cosco.


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