Sevan Completes Bond Issue for Driller

Sevan Marine ASA said that its Sevan Drilling AS unit has completed its recently announced NOK 1 billion bond issue. The bond was completed on Friday and was oversubscribed 4.6 times. It was placed with Norwegian and international professional investors and will have a term of six years and will carry an interest rate of Nibor + 5%.

The proceeds from the issue will be used to part-finance the construction of the deepwater drilling rig Sevan Driller, which is currently under construction. The Sevan Driller has been contracted to Petrobras America Inc. under a six-year drilling contract in the US Gulf, which is expected to commence in the first quarter of 2009.

Pareto Securities ASA and SEB Merchant Banking were acting as advisors to Sevan Drilling. Sevan Marine ASA is a Norwegian company listed on Oslo Bors with its own unique technology for floating production, storage and drilling. Sevan's technology is developed for applications in offshore oil and gas field developments. The cylindrical hull form has a significant competitive edge when compared to traditional type floaters. Sevan Marine has offices in Tananger, Arendal and Stjordal, Norway; Singapore and Rio de Janeiro, Brazil.

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