Seadrill Limited — Delisting Announcement 2015

Jun 30, 2015

Sevan Drilling Ltd: First Day of Trading in Sevan Drilling Limited and Delisting of Sevan Drilling ASA

Sevan Drilling Ltd: First Day of Trading in Sevan Drilling Limited and Delisting of Sevan Drilling ASA

Oslo, June 30th, 2015 - Today marks the first day of

trading in the shares of Sevan Drilling Limited.

Sevan Drilling Limited is the new listed parent

company of the Sevan Drilling Group continuing the

activities which were conducted in Sevan Drilling

ASA. Further, the shares of Sevan Drilling ASA have

now been delisted.

The completion of the capital decrease in Sevan

Drilling ASA was registered in the Norwegian

Register of Business Enterprises after end of

trading on June 29, 2015. As a result of the

registration, the shares of Sevan Drilling Limited

will be distributed to Sevan Drilling ASA's

shareholders as repayment of paid-in capital. The

entitled shareholders will receive 1 Sevan Drilling

Limited share for every 20 shares in Sevan Drilling

ASA. The entitled shareholders will hold the same

relative ownership in Sevan Drilling Limited as they

have in Sevan Drilling ASA. No fractional shares

will be issued. When fractional shares occur the

company will round up to the nearest whole number of

shares. The share capital of Sevan Drilling Limited

consists of 31,000,000 common shares, each with a

par value of USD 0.10. The Sevan Drilling Limited

shares will be visible on the eligible shareholders'

VPS accounts the morning of July 2, 2015.

The following apply to trading in Sevan Drilling

Limited:

ISIN: BMG8070J1099

Ticker: SEVDR

The Norwegian Financial Supervisory Authority has

approved the listing prospectus for Sevan Drilling

Limited. The listing prospectus is available at

www.sevandrilling.com and www.platou.no or in

hardcopy from:

Sevan Drilling's headquarters

Drammensveien 288

N-0283 Oslo

Norway

Tel: +47 22 33 00 00

or

Clarksons Platou's Oslo office

Munkedamsveien 62c

N-0270 Oslo

Norway

Tel: +47 22 01 63 00

The shareholders of Sevan Drilling ASA entitled to

receive shares in Sevan Drilling Limited at the

record date (July 1, 2015) will still be

shareholders of Sevan Drilling ASA holding the same

number of shares as they did prior to the capital

decrease and listing of Sevan Drilling Limited.

Sevan Drilling ASA will be an unlisted company with

a share capital of NOK 1,000,000 divided on

594,623,436 shares with a nominal value of NOK

0.001681737 per share. As resolved during Sevan

Drilling ASA's annual general meeting held May 15,

2015 the board of directors will assess Sevan

Drilling ASA's future and present the available

alternatives to shareholders in an extraordinary

general meeting to be held prior to year-end 2015.

Important information: It should be noted that for

technical reasons the capital decrease will be

completed in the settlement system of VPS as a

demerger.

For further information, please contact:

Scott McReaken, CEO, Sevan Drilling

+47 91194651 mobile

About Sevan Drilling:

Sevan Drilling Limited is an international offshore

drilling contractor specializing in the ultra

deepwater segment. Sevan Drilling Limited is listed

on Oslo Børs.

This information is subject of the disclosure

requirements pursuant to section 5-12 of the

Norwegian Securities Trading Act