Seadrill Limited - Capital/Financing Update 2014

Sevan Drilling ASA : Sevan Announces Amendment to Revolving Credit Facility

29.12.2014

Sevan Drilling ASA ("Sevan") announces today that it has successfully amended

the revolving credit facility with its majority shareholder, Seadrill Limited.

The total capacity available under the secured credit facility has been

increased to USD 300 million and a second lien against certain Sevan assets is

provided as security. The facility matures in December 2016 and carries an

interest rate of Libor plus 6% of the drawn amount. The new agreement is

expected to provide Sevan with the necessary liquidity to meet working capital

needs through 2016.

For further information, please contact:

Scott McReaken, CEO, Sevan Drilling ASA

+47 911 94 651 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 Børs.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1883742]

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