Petrobras Awards Drilling Contract to Sevan

Petrobras SA has awarded a drilling contract to Sevan Drilling AS or an affiliate thereof, for drilling operations off the coast of Brazil, in water depths down to 2,400 m. This will be the second drilling unit contracted to Petrobras, as the company has previously contracted a Sevan drilling rig for its US Gulf of Mexico operations. The contract confirms the market's acceptance of the Sevan rig design.

The drilling contract will have a fixed term of six years with start-up within December 31, 2012. Revenues which could be generated over the six year period are approximately US $975 million, including a bonus arrangement and mobilization fee.

The 'Sevan Brasil' will be designed to include the most advanced drilling capabilities in the industry, based on Sevan's own patented technology. The 'Sevan Brasil' will have a variable deckload 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 moonpool area reduces the environmental impact of potential oil spills.

This drilling contract is a confirmation of the long-term relationship between Petrobras and Sevan, and is in line with our strategy of expanding our drilling activities, especially in deepwater and demanding areas. We see the forthcoming high activity level in Brazil as a great potential for the Sevan technology. We will continue to expand our presence in the area, says Jan Erik Tveteraas, CEO of Sevan Marine ASA.

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