Seadrill Limited — Interim / Quarterly Report 2015

May 28, 2015

SEVAN DRILLING ASA

INTERIM FINANCIAL REPORT FIRST QUARTER 2015

Highlights

• Operating revenue in Q1 was USD 83.1 million (Q1 2014 USD 60.1 million).
• EBITDA in Q1 was USD 38.3 million (Q1 2014 USD 15.7 million).
• Net profit in Q1 was USD 2.2 million (Q1 2014 net loss of USD 10.4 million)
• On 15 May, Sevan Drilling ASA held an Annual General Meeting where the 2014 annual accounts, report, and all proposals were approved by the shareholders.
• On 26 May, the Board of Directors of Oslo Børs resolved to admit the shares in Sevan Drilling Limited to listing on Oslo Børs.

Unaudited figures in USD million, except where noted	Q1 2015	Q1 2014
Operating revenue	83.1	60.1
EBITDA (1)	38.3	15.7
Operating profit/(loss)	19.8	0.8
Net financial items	-17.4	-11.5
Net profit/(loss)	2.2	-10.4
EPS - basic and diluted (USD)	0.00	-0.02
Company performance:
Available days (2)	270	180
Technical Utilization (3)	82.5%	91.9%
Economic Utilization (4)	81.7%	86.8%
Average daily revenue (5)	\$373,000	\$363,000
Average daily operating expense (6)	\$151,000	\$188,000

(1) EBITDA equals net profit/loss adding back net financial items, tax income/expense, depreciation and amortization expense and impairment expense

(2) Available Days are the total number of operating rig calendar days in the period. A rig is operating when accepted by the customer.

(3) Technical Utilization is the actual number of revenue earning days divided by Available Days. A revenue earning day is defined as a day on which a rig earns its dayrate after commencement of operations.

(4) Economic Utilization is operating revenue divided by total potential charter revenue for the period.

(5) The Average Daily Revenue is operating revenue divided by revenue earning days. The Average Daily Revenue will differ from the contract dayrate due to billing adjustments for any non-productive time, bonus and amortized mobilization and demobilization fees.

(6) Average daily operating expense is total operating expense less general and administrative expenses, restructuring costs, depreciation and foreign exchange (loss)/gain related to operations divided by Available Days in the period.

Financial performance summary

For the three months ended 31 March 2015

Operating revenue

Operating revenue was USD 83.1 million compared to USD 60.1 million in Q1 2014. The revenue increase is explained by Sevan Louisiana commencing operations in Q2 2014 and achieving a Q1 2015 technical utilization of 80.8% (mobilization in Q1 2014). Sevan Driller technical utilization was 94.9% (93.8% in Q1 2014), which was partly offset by Sevan Brasil at 71.8% (89.9% in Q1 2014).

Operating expenses

Total operating expense was USD 63.3 million compared to USD 59.3 million in Q1 2014. The increase is the result of Sevan Louisiana operating in this quarter offset by improved operating expenses on Sevan Driller and Sevan Brazil. Average operating costs per day were at USD 151,000 in Q1 2015, which result from cost reduction initiatives realized through the Seadrill management service agreements, specifically reducing labor costs offshore and onshore, and through deferring non-critical maintenance into later periods. General and administrative and restructuring expenses were reduced from conclusion of the integration. Depreciation expense increased as a consequence of Sevan Louisiana in service through Q1 2015.

Net financial items

Net financial items amounted to USD 17.4 million in Q1 2015 compared to USD 11.5 million in Q1 2014, which increased USD 2.9 million from interest and commitment fees on the revolving credit facility ("RCF") and USD 2.3 million from capitalizing interest on Sevan Louisiana in Q1 2014.

Net profit for Q1 2015 was USD 2.2 million compared to a net loss of USD 10.4 million in Q1 2014.

Balance sheet

Cash and cash equivalents amounted to USD 39.3 million as of 31 March 2015 compared to USD 30.2 million as of 31 December 2014.

In Q1 2015, interest and principal payments under the debt facility and RCF were USD 11.3 million and USD 35.0 million, respectively. As of 31 March 2015, USD 140.0 million was drawn on the RCF.

Sevan is preparing its accounts on the assumption that the company is a going concern. Liquidity is sensitive to performance of the rigs under their contracts and the continued availability of the RCF.

Operations performance summary

In Q1 2015, the Sevan rigs achieved technical utilization at 82.5% and economic utilization at 81.7%. Sevan Driller achieved an acceptable technical utilization of 94.9%, while Sevan Louisiana and Sevan Brasil worked at 80.8% and 71.8%, respectively. The lower downtime experienced on the two rigs was a consequence of repairs to subsea equipment, which have been resolved.

Sevan Developer remains ready for delivery (warm stacked) at the Cosco shipyard in China. Sevan Developer continues to be actively marketed for an acceptable drilling contract and, if such is obtained, delivery can occur under the deferral agreement.

At 31 March, 2015, the fleet's backlog revenue is USD 1.0 billion. As of the date of this report, the fleet is operating at acceptable technical utilizations.

Outlook

While the Q1 fleet operating performance was at 82.5%, Sevan still achieved USD 38.3 million in EBITDA by diligently managing costs and maintenance programs. The main drivers of cost reductions include reducing labor costs and deferring non-critical maintenance. These initiatives were completed to align our business with the currently depressed market and maintain a sustainable operating level through this downcycle. The savings realized have not been done at the sacrifice of safety, performance or asset quality.

The ultra deepwater drilling market continues to remain very challenging and is likely to remain through the near term. Despite a slight recovery in the oil price during the first quarter, oil companies are continuing to take a cautious approach to capital expenditure and other cost commitments given the severity of the overall oil price decline. During the quarter, the market has seen very little new fixture activity and the new contracts that have materialized are at significantly lower dayrates. In order to manage this downturn, rig owners are stacking or scrapping older rigs and new build deliveries are being delayed, which will have the potential effect of rebalancing the supply of drilling rigs.

With the cash balance at the end of the quarter, cost reduction initiatives and the drawing rights under the revolver, Sevan is forecasting adequate liquidity for more than 12 months. The board believes these factors and its modern high specification fleet allow Sevan to continue performing through this downcycle and be well positioned when recovery occurs.

On 15 May, Sevan held an Annual General Meeting where the 2014 annual accounts, report, and all proposals were approved by the shareholders. The board will continue the plan set out to migrate the parent company function and expects to list shares of Sevan Drilling Ltd at the end of June and complete the migration.

The parent company migration is the last major step in the board's restructuring plan. Starting in 2013, the board initiated a restructuring of Sevan's capital structure, asset management systems and management structures whereby improving safety in operations, quality of the assets and overall performance of the business. The end result is a more efficient company that is better positioned to meet its strategy for competing in the global drilling market with its unique ultra deepwater cylindrical rig design.

Oslo, 27 May 2015 The Board of Directors Sevan Drilling ASA

Interim financial statements

Consolidated Income Statement

Unaudited figures in USD million	Note	Three months ended 31 March, 2015	Three months ended 31 March, 2014
Operating revenue		83.1	60.1
Operating expense		-40.8	-33.9
General & administrative expense		-4.1	-5.9
Restructuring expense		0.0	-2.2
Depreciation, amortization and impairment	4	-18.5	-14.9
Foreign exchange gain/(loss) related to operations		0.1	-2.4
Total operating expense		-63.3	-59.3
Operating profit/(loss)		19.8	0.8
Financial expense	5	-17.4	-11.5
Net financial items		-17.4	-11.5
Profit/(loss) before tax		2.4	-10.7
Tax expense		-0.2	0.3
Net profit/(loss)		2.2	-10.4
Attributable to:
Equity holders of the Company		2.2	-10.4
Earnings per share for profit/(loss) attributable to the equity holders of the Company during the period (USD per share):
- Basic and diluted		0.00	-0.02

Consolidated Statement of Comprehensive Income

Unaudited figures in USD million	Note	Three months ended 31 March, 2015	Three months ended 31 March, 2014
Net profit/(loss)		2.2	-10.4
Foreign currency translation		-0.1	0.2
Comprehensive income/(loss)		2.1	-10.2
Attributable to:

Equity holders of the Company	2.1	-10.2

Interim financial statements (continued)

Consolidated Balance Sheet
Unaudited figures in USD million	Note	As at 31 March, 2015	As at 31 December, 2014
ASSETS
Drilling rigs	4	1,824.2	1,833.8
Other fixed assets	4	0.9	1.1
Other non-current assets	6	22.0	24.9
Total non-current assets		1,847.1	1,859.8
Inventories		49.0	46.5
Trade and other receivables	7	40.1	55.1
Cash and cash equivalents		39.3	30.2
Total current assets		128.4	131.8
Total assets		1,975.5	1,991.6
EQUITY
Share capital (594,623,436 shares authorized, issued, and outstanding as at 31 March 2015 and 31 December 2014, par value of NOK 1 per share)		108.6	108.6
Share premium		666.0	666.0
Other equity		-214.8	-216.9
Total equity		559.8	557.7
LIABILITIES
Non-current portion of bank borrowings	5	1,038.4	1,073.0
Non-current loan from related party	5	140.0	115.0
Other non-current liabilities		0.9	0.4
Total non-current liabilities		1,179.3	1,188.4
Trade and other payables		35.9	41.0
Current portion of bank borrowings	5	134.1	133.0
Other current liabilities	8,9	66.4	71.5
Total current liabilities		236.4	245.5
Total liabilities		1,415.7	1,433.9
Total equity and liabilities		1,975.5	1,991.6

Interim financial statements (continued)

Consolidated Statement of Changes in Equity

Unaudited figures in USD million	Share Capital	Share Premium	General Reserve	Equity Settled Employee Benefits Reserve	Foreign Currency Translation Reserve	Retained Earnings	Total Equity
Equity as at 1 January 2014	108.6	666.0	280.0	2.4	-2.8	-370.5	683.7
Net profit/(loss)	—	—	—	—	—	-10.4	-10.4
Translation differences	—	—	—	—	0.2	—	0.2
Equity as at 31 March, 2014	108.6	666.0	280.0	2.4	-2.6	-380.9	673.5
Equity as at 1 January 2015	108.6	666.0	280.0	2.4	-3.8	-495.5	557.7
Net profit/(loss)	—	—	—	—	—	2.2	2.2
Translation differences	—	—	—	—	-0.1	—	-0.1
Equity as at 31 March, 2015	108.6	666.0	280.0	2.4	-3.9	-493.3	559.8

Consolidated Cash Flow Statement

Unaudited figures in USD million	Note	Three months ended 31 March, 2015	Three months ended 31 March, 2014
Cash flows from operation activities
Cash from operations		37.0	12.9
Interest paid	5	-11.3	-20.6
Net cash (used in)/generated from operating activities		25.7	-7.7
Cash flows from investment activities
Purchases of property, plant and equipment and other non current assets		-6.6	-20.2
Net cash flow used in investment activities		-6.6	-20.2
Cash flows from financing activities
Proceeds from interest-bearing debt	5	25.0	15.0
Repayment of interest-bearing debt	5	-35.0	-70.0
Net cash flow generated from/(used in) financing activities		-10.0	-55.0
Net cash flow for the period		9.1	-82.9
Cash balance at beginning of period		30.2	128.7
Cash balance at end of period *		39.3	45.8

* Contains restricted cash of USD nil for employees' tax deduction fund. 2014 cash balance contained restricted cash of USD 0.5 million for employees' tax deduction fund.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS Note 1 - Organization and basis of preparation

General information - Sevan Drilling ASA and Sevan Drilling Limited

Sevan Drilling ASA (the "Company") and its subsidiaries (the Company and the subsidiaries collectively referred to as the "Group") is an international offshore drilling contractor specializing in the ultradeepwater segment. The Group has three ultra-deepwater drilling rigs (Sevan Driller, Sevan Brasil, and Sevan Louisiana) in operation and a fourth (Sevan Developer) waiting delivery. Sevan Driller and Sevan Brasil are operating under six-year, fixed term contracts with Petrobras in Brazil expiring in June 2016 and July 2018, respectively. Sevan Louisiana is contracted through 2018 with LLOG in the US Gulf of Mexico. The delivery date of Sevan Developer has been deferred until October 2015 following agreements concluded in Q4 2014, and can be extended for four additional periods of six months at the Group's option up to October 2017. Sevan Drilling ASA is a public limited liability company, incorporated and domiciled in Norway. Its shares are listed on the Oslo Børs.

On 15 May 2015, the shareholders of Sevan Drilling ASA resolved to move the holding level of the group from Norway to Bermuda (the "Migration"). Further, the shareholders resolved that the Migration will be completed by means of a capital decrease in Sevan Drilling ASA where the reduction amount will be distributed among the shareholders of the Company in the form of shares in its wholly owned subsidiary Sevan Drilling Limited. The distribution will be done on pro rata basis, so that the shareholders of the Company will have relatively the same shareholding in Sevan Drilling Limited after the Migration as they have in the Company at the date of the distribution.

Sevan Drilling Limited is an exempted company incorporated under the laws of Bermuda and is currently the holding company of all of the operating subsidiaries of the Group (below the Company). Sevan Drilling Limited's application for listing on Oslo Børs was approved 26 May, and is conditional on the Company being able to complete the capital decrease and other requirements. The Company expects the listing and simultaneous Migration to be completed on or about 30 June 2015.

Upon completion of the Migration, Sevan Drilling Limited will be the new parent of the Group listed on Oslo Børs. Sevan Drilling ASA will be delisted. After completion of the Migration, the board of directors will assess the Company's future and present available alternatives for the shareholders in an extraordinary general meeting which shall be held by the end of 2015.

Basis of preparation

These consolidated financial statements as at and for the three months ended 31 March, 2015 (the "Interim Financial Statements") have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting. They do not include all disclosures that would be required in a complete set of financial statements and should be read in conjunction with the 2014 annual report.

The Interim Financial Statements have been prepared on a historical cost basis. The Group's financial instruments consist of cash, trade receivables, trade payables, and bank borrowings measured at amortized cost with variable interest rates. Management believes that the carrying value, excluding financing fees, approximates fair value for all the Group's financial instruments.

The accounting policies adopted in the preparation of the Interim Financial Statements are consistent with those followed in the preparation of the 2014 annual report.

The Interim Financial Statements are unaudited and were approved by the Board of Directors on 27 May 2015.

Note 2 - Results of the interim period

During the three months ending on 31 March, 2015, the Group earned USD 83.1 million of revenue from the operation of Sevan Driller and Sevan Brasil in Brazil and Sevan Louisiana in the US.

Total operating expenses for Q1 2015 were USD 63.3 million. Operating expense in Q1 2015 amounted to USD 40.8 million, which result from rigs operating under contracts and non-capital expenses related to pre-commencement and construction of the rig under construction. General and administrative costs were USD 4.1 million and depreciation and amortizations were USD 18.5 million.

As the Group's revenue and operating expenses are based on contractual day rates, the Group is not exposed to significant fluctuations in revenue and expense as a result of seasonality or cyclicality.

Net financial items in Q1 2015 amounted to USD 17.4 million and included amortization of deferred financing costs, interest expense, and commitment and guarantee fees. The Group performed its obligations under its bank facility and the revolving credit facility in Q1.

The Group drew USD 25.0 million under the revolving credit facility in Q1 2015. Sevan repaid USD 35.0 million of principal on the current bank facility during Q1, bringing cash and cash equivalents to USD 39.3 million at 31 March 2015.

Note 3 - Segment information

Basis of segmentation

The Board of Directors of the Company, which is identified as the chief operating decision maker in the Group ("CODM"), aggregates the rigs into a single reporting unit representing the fleet as a whole.

The CODM evaluates the operating results of each rig but is primarily focused on the results of the overall fleet with a focus on several key metrics at the Group level, including revenue, operating profit, EBITDA and utilization rates.

Note 4 - Property, plant and equipment

The rigs are aggregated for reporting purposes as they all provide the same service, have the same production process, are marketed to the same customer base, are based on the same design/ use the same methods to provide their services and operate in the same regulatory environment. The rigs form a single global fleet and each rig can be redeployed to other locations based on demand.

		Property, Plant and Equipment
Unaudited figures in USD million	Construction in process (CIP)	Units in operation (UIO)	Drilling rigs	Other fixed assets	Total fixed assets
As at 31 December, 2014
Cost	124.4	1,904.7	2,029.1	9.7	2,038.8
Accumulated depreciation	—	-195.3	-195.3	-8.6	-203.9
Net book value	124.4	1,709.4	1,833.8	1.1	1,834.9
As at 31 March, 2015
Cost	124.2	1,913.6	2,037.8	9.7	2,047.5
Accumulated depreciation	—	-213.6	-213.6	-8.8	-222.4
Net book value	124.2	1,700.0	1,824.2	0.9	1,825.1
Three months ended 31 March, 2015
Beginning net book value	124.4	1,709.4	1,833.8	1.1	1,834.9
Additions	—	8.9	8.9	—	8.9
Disposals	-0.2	—	-0.2	—	-0.2
Depreciation charge	—	-18.3	-18.3	-0.2	-18.5
Ending net book value	124.2	1,700.0	1,824.2	0.9	1,825.1
Unaudited figures in USD million			As at 31 March, 2015		As at 31 December, 2014
Rig net book value
Sevan Driller				579.3	583.7
Sevan Brasil				562.9	568.1
Sevan Louisiana				557.6	557.6
Sevan Developer				124.4	124.4
Total				1,824.2	1,833.8

No capitalization of borrowing costs were included in the additions to CIP during Q1 2015. The contract with Cosco for the construction of Sevan Developer is payable in instalments as construction milestones are completed. No payments were made during the Q1 2015.

As at 31 March, 2015, our subsidiary, Sevan Drilling Rig VI Pte Ltd, had an estimated commitment of USD 425.0 million payable upon delivery of Sevan Developer. Following the conclusion of the agreement with Cosco in Q4 2014, the delivery period has been extended to 15 October 2014 with an option, exercisable at six months' intervals to extend the delivery period for a further 24 months. The maximum deferral of the delivery date as per the agreement is thus 36 months.

Sevan Drilling Rig VI Pte Ltd has the option to cancel the construction contract on each of the deferred delivery dates. Cosco will, in such case, refund the instalments paid under the construction contract. Cosco provided Sevan Drilling Rig VI Pte Ltd security through bank refund guarantees, effective for the 36 month potential deferral period.

The Company reviews the carrying amounts of its tangible assets at the end of each reporting period to determine whether there is any indication that those assets may be impaired. The net asset value of the Group exceeded its market capitalization as at 31 March 2015. This is identified as an indicator of a need for impairment of major assets. As a result, each of the Group's rigs was, as of 31 March 2015, identified as a cash-generating unit and tested for impairment.

The key assumptions applied for the purpose of impairment testing of rigs in operation include a discount rate and expected future cash flows. To discount the future cash flows, management used a pre-tax weighted average cost of capital (WACC) of 9.5%. Estimated future cash flows are based on the Group's five-year forecast and utilize several assumptions including forecasted operational expense, operational taxes, utilization and day rates. Day rates are based on current contract amounts for the remaining contract term and expected market rates in the rigs' re-contract years for forecasts beyond the contracted periods. Management has assumed no growth above these expected market rates for the remainder of the rig lives beyond the five-year forecast. Based on sensitivity analyses performed, Management believes that reasonable movements in the key assumptions would not result in an impairment loss to be recognized. Neither an increase in the WACC of 100 basis points nor a reduction of 10% of future market rate would result in impairment of a rig.

Note 5 - Financing activities

In October 2013, the Group entered into a USD 1,750 million secured bank loan facility with ING as agent for a syndicate of lenders. The facility was composed of a USD 350 million export credit facility provided by GIEK and a USD 1,400 million commercial facility provided by a syndicate of several commercial banks. The commercial facility had two tranches. Tranche A in the amount of USD 1,400 million (USD 200 million GIEK and USD 1,200 million commercial) and Tranche B in the amount of USD 350 million (USD 150 million GIEK and USD 200 million commercial).

Tranche A was drawn in October 2013 and used to, inter alia, refinance existing debt at the time. Tranche B was intended to be used to finance the delivery instalment for Sevan Developer and was cancelled in Q4 2014 as a consequence of the agreement made with Cosco to defer delivery of Sevan Developer. Should the Company decide to take delivery of Sevan Developer, new financing will have to be secured to cover the instalment delivery. The availability of such financing is expected to depend on a satisfactory drilling contract having been secured for Sevan Developer.

The GIEK tranche matures in September 2023 and incurs interest on the amounts outstanding at a rate of LIBOR + 2.5%, payable quarterly in arrears.

The commercial tranche matures in September 2018 and incurs interest on the amounts outstanding at a rate of LIBOR + 2.9%, payable quarterly in arrears.

The Company's bank facility is guaranteed by Seadrill at a cost of 1.0% per annum on amounts drawn.

Effective 29 December 2014, the revolving credit facility ("RCF") was increased to USD 300.0 million. The RCF matures in December 2016, is secured with second priority in the Group's assets and incurs interest on drawn amounts at a rate of LIBOR + 6.0% (+5.5% previously), payable quarterly in arrears. There is a commitment fee of 2.4% (2.2% previously) per annum on the undrawn balance of the RCF.

Financing Activities
Unaudited figures in USD million	GIEK Tranche	Commercial Tranche	Total bank facility	RCF with Seadrill	Total
As at 31 December, 2014
Principal outstanding	172.9	1,052.1	1,225.0	115.0	1,340.0
Unamortized deferred financing costs1	—	—	-19.1	—	-19.1
Total borrowings	172.9	1,052.1	1,205.9	115.0	1,320.9

Financing Activities
Unaudited figures in USD million	GIEK Tranche	Commercial Tranche	Total bank facility	RCF with Seadrill	Total
Current portion	21.7	118.3	133.0	—	133.0
Non-current portion	151.2	933.8	1,073.0	115.0	1,188.0
Undrawn facility (available for utilization)	—	—	—	185.0	185.0
Three months ended 31 March, 2015
Additional drawdowns	—	—	—	25.0	25.0
Amortization of deferred financing costs1	—	—	2.4	—	2.4
Principal repayments	5.4	29.6	35.0	—	35.0
Interest payments	1.2	8.3	9.5	1.8	11.3
As at 31 March, 2015
Principal outstanding	167.5	1,022.5	1,190.0	140.0	1,330.0
Unamortized deferred financing costs1	—	—	-17.5	—	-17.5
Total borrowings	167.5	1,022.5	1,172.5	140.0	1,312.5
Current portion	21.7	118.3	134.1	—	134.1
Non-current portion	145.8	904.2	1,038.4	140.0	1,178.4
Undrawn facility (available for utilization)	—	—	—	160.0	160.0

¹Deferred financing costs were recognized on the bank facility as a whole and not allocated to the individual tranches

Unaudited figures in USD million	Three months ended 31 March, 2015	Three months ended 31 March, 2014
Financial expense
Interest expense	9.5	7.2
Amortization of finance fees	1.9	1.2
Interest on RCF, commitment and guarantee fees to Seadrill	6.0	3.1
Total	17.4	11.5

Note 6 - Other non-current assets

31 March, 2015	As at 31 December, 2014
2.3	2.7
19.3	21.7
0.4	0.5
22.0	24.9
	As at

Note 7 - Trade and other receivables

Unaudited figures in USD million	As at 31 March, 2015	As at 31 December, 2014
Trade and other receivables
Trade receivables	30.7	47.8
Other receivables	9.4	7.3
Total	40.1	55.1

Note 8 - Other current liabilities

Unaudited figures in USD million	As at 31 March, 2015	As at 31 December, 2014
Other current liabilities
Income and gross revenue tax payable	5.5	6.1
Other taxes payable	7.0	6.3
Related party payable (Note 9)	41.3	47.8
Other current liabilities	12.6	11.3
Total	66.4	71.5

Note 9 - Related party activities

Balances and transactions between the entities within the Group have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below.

Seadrill has guaranteed the bank facility referred to in Note 5. Seadrill is also providing the RCF (in the amount of USD 300.0 million) of which USD 140.0 million was outstanding as of 31 March 2015. Seadrill charged the Group interest on the RCF and guarantee and commitment fees in a total amount of USD 6.0 million during the first quarter.

Seadrill also provides management support and administrative services to the Group for which a fee of USD 1.7 million was charged during the first quarter.

As a consequence of being responsible for the day-to-day operation of the Group's rigs, Seadrill entities incur direct costs on behalf of the Group. The Group had a total current liability (including the commitment, guarantee and management fees mentioned above) of USD 41.3 million to Seadrill as at 31 March 2015 (compared to USD 47.8 million as at 31 December 2014).

Note 10 - Events after balance sheet date

The Group has evaluated subsequent events after the balance sheet date through the date the accompanying consolidated financial statements became available to be issued.

On 15 May, Sevan Drilling ASA held an Annual General Meeting where the 2014 annual accounts, report, and all proposals on the agenda were adopted by the shareholders.

On 26 May, the Board of Directors of Oslo Børs resolved to admit the shares in Sevan Drilling Limited to listing on Oslo Børs.

Oslo, 27 May 2015 The Board of Directors of Sevan Drilling ASA

Erling Lind Chairman

Birgitte Ringstad Vartdal Board Member

Per Wullf Board Member Ragnhild M. Wiborg Board Member

Kristian Johansen Vice Chairman

Scott McReaken Chief Executive Officer