Sevan Drilling to Strengthen Capital Base and Increase Rig Fleet

Following today's announcement of a drilling contract for the newbuild rig 'Sevan Brasil' with Petrobras, Sevan Drilling AS has two ultra deepwater drilling rigs contracted to clients.

The new rig contract is in line with Sevan's ambition of expanding its drilling activities, and confirms the market's appreciation of the Sevan technology. The Board intends to continue expanding the activities of Sevan Drilling, based on the strong outlook for the drilling market. In this connection, the Board considers increasing the rig fleet by ordering two additional drilling units with attractive delivery times and superior drilling capabilities.

The funding required to carry out the construction of 'Sevan Brasil' and the additional expansion of the rig fleet will take place in Sevan Drilling AS.

Sevan Drilling is well positioned to take advantage of the current strong drilling cycle. With our rig's superior drilling capabilities, stability, deck load capacity and cost effective design, we can offer attractive solutions to clients with drilling programs in deep water and demanding areas, says Jan Erik Tveteraas, CEO of Sevan Marine ASA.

Sevan Marine ASA is listed on Oslo Børs (ticker SEVAN) and is specializing in building, owning and operating floating units for offshore applications. The Company has developed a cylinder shaped floater, suitable in all offshore environments. Presently Sevan Marine has four floating production, storage and offloading units (FPSOs) and one drilling unit contracted to clients. The Company is also developing other application types for its cylindrical Sevan hull, including floating LNG production and power plants with CO2 capture.