SEVAN DRILLING ASA: Extraordinary General Meeting

An Extraordinary General Meeting in Sevan Drilling ASA ("Sevan Drilling" or the "Company") was held today at 1.00 pm (CET) in the Company's premises in Tordenskioldsgate 6, Oslo, Norway.

Minutes from the Extraordinary General Meeting documenting the resolutions made are attached hereto. As follows from the minutes, it was duly resolved to:

appoint new directors as proposed, so that the new Board of Directors of the Company now consist of Erling Lind (chairman)(new), Kitty Hall, Anne Breive, Per Wullf (new) and Kristian Johansen (new).
appoint a new nomination committee as proposed, the committee now thus consisting of Harald Thorstein, Jarle Sjo and Geir Tjetland, and approve the proposed nomination committee guidelines.
change the articles of association so that the registered business address of the Company shall be in Oslo. The proposal to change the Company's corporate name was postponed by the Board, and thus not subject to resolution by the Extraordinary General Meeting.
approve the proposed long term incentive program (LTIP) and grant of authorization to the Board of Directors to issue up to 10,000,000 new shares in order to fulfill such program.

As a consequence of the LTIP and share authorization approval by the Extraordinary General Meeting, the following key management members have been awarded the following options to subscribe for new shares in the Company:

Scott Kerr (CEO) is awarded 1,600,000 options.

Mr. Kerr holds 543,000 shares in the Company, representing 0.161 % of the Company's shares, and together with the options, assuming full exercise thereof, holds shares and rights to 0.637 %.

Jon H. Wilmann (CFO) is awarded 1,100,000 options.

Mr. Wilmann holds 126,388 shares in the Company, representing 0.038 % of the Company's shares, and together with the options, assuming full exercise thereof, holds shares and rights to 0.364 %.

- Paul Grimen (VP Operations) is awarded 500,000 options.

Mr. Grimen holds 51,388 shares in the Company, representing 0.015 % of the Company's shares, and together with the options, assuming full exercise thereof, holds shares and rights to 0.164 %.

- Bjørn Egil Gustavsen (VP Projects) is awarded 500,000 options.

Mr. Gustavsen holds 26,388 shares in the Company, representing 0.0078 % of the Company's shares, and thus together with the options, assuming full exercise thereof, holds shares and rights to 0.156 %.

- Pascal Busch (VP QHSE) is awarded 500,000 options.

Mr. Busch holds 26.388 shares in the Company, representing 0.0078 % of the Company's shares, and together with the options, assuming full exercise thereof, holds shares and rights to 0.156 %.

- Heitor Gioppo (President Sevan Drilling Brasil) is awarded 500,000 options, representing 0.148 % of the Company's shares assuming full exercise thereof. He currently holds no shares in the Company.

- Eileen Aspehaug (VP Human Resources) is awarded 500,000 options, representing 0.148 % of the Company's shares assuming full exercise thereof. She currently holds no shares in the Company.

Each option will give the holder the right to subscribe for one share in the Company at a strike price of NOK 5.75. The options will vest with 1/3 annually, subject to certain terms and conditions. The options replace any former options awarded.

For further information, please contact:

Scott Kerr, CEO, Sevan Drilling ASA

+47 99283890 mobile

Jon H. Wilmann, CFO, Sevan Drilling ASA

+47 90560406 mobile

About Sevan Drilling:

Sevan Drilling ASA is an international offshore drilling contractor specializing in the ultra deepwater segment. Sevan Drilling ASA is listed on Oslo Axess.

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This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

SEVAN DRILLING ASA: Extraordinary General Meeting Completed

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