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Sevan Drilling ASA : Approval of Annual Accounts, Summons of Annual General Meeting and Migration from Norway to Bermuda

23 April 2015
Approval of Annual Accounts

The board of directors of Sevan Drilling ASA ("Sevan
" or the "Company
") has approved the annual accounts and report for 2014. Except for minor
adjustments, there are no changes in the income statement or equity compared
with the preliminary annual figures presented in connection with the Q4
announcement on 26 February 2015.

The Company's annual report for 2014 will be published on the website

Summons of Annual General Meeting

Sevan's board of directors summons for an annual general meeting to be held at
2.00 pm (CET) on Friday 15 May 2015, at the Advokatfirmaet Wiersholm's office
in Oslo, Norway.

The complete notice with all appendices can be downloaded from the Company's
website, The notice of the meeting including the
registration and proxy form will be sent to the shareholders whose address is
known 24 April 2015.

Shareholders who wish to attend the general meeting are requested to notify
Sevan by 2.00 pm (CET) on Wednesday 13 May 2015, by submitting the enclosed
attendance form to Nordea Bank Norge ASA, Verdipapirservice, P.O. Box 1166
Sentrum 0107 Oslo, Norway (fax: +47 22 48 63 49). Voting proxies may be given
by using the enclosed proxy form.

Migration from Norway to Bermuda

Reference is made to statements regarding the migration from Norway to Bermuda
in the quarterly reports of 2014 and in a press release dated 6 October 2014.

Sevan's board of directors has resolved to propose to the shareholders a plan
to migrate the parent company in the Sevan Drilling Group from Norway to
Bermuda. The board of directors proposes that the migration is completed
through a capital reduction distributing all shares in Sevan Drilling Ltd
(Bermuda) to the Company's shareholders as repayment of paid-in capital. The
distribution will be done in a proportion securing that they will hold the
same relative ownership in the new parent (Sevan Drilling Ltd) as they have
in the Company. The implementation of the proposal is conditional upon Oslo
Børs resolving to list the shares in Sevan Drilling Ltd. on Oslo Børs or
alternatively on Oslo Axess and completion of the capital decrease. The
current timeline for the process indicates that the capital decrease and
simultaneous listing of Sevan Drilling Ltd can be completed late-June.

In Q4 2014, as preparation for the migration, the Company contributed all of
its assets and liabilities including investment in subsidiaries to Sevan
Drilling Ltd as a contribution in kind in exchange for shares in Sevan
Drilling Ltd. Further, the Company entered into a management services
agreement with its subsidiary Sevan Drilling Management AS. This agreement
will be continued with Sevan Drilling Ltd. after the migration.

In connection with the board of directors preparing for the migration the book
value of the investment in Sevan Drilling Ltd was assessed. An impairment was
calculated based on the lower of book value versus sales price in accordance
with Norwegian GAAP. Consequently, the board has resolved to record a
non-cash impairment in 2014 for USD 597.3 million in the Company's statutory
financial statements. This impairment does not impact the consolidated
accounts of the Group.

The functional currency of the statutory accounts of the Company was changed
to Norwegian Kroner effective 1 January 2015 and in connection with the
proposed capital reduction the Company prepared an interim balance sheet. The
investment in Sevan Drilling Ltd. was again assessed for this purpose and
based on the sales price of the Company at the date of the interim balance
sheet the investment was impaired with NOK 493.2 million.

The board of directors proposes to the shareholders to reduce the share
capital from NOK 594,623,436 to NOK 1,000,000 by a reduction of NOK
593,623,436 providing sufficient other equity to complete the migration,
whereby NOK 179.3 million will be used to cover losses which cannot otherwise
be covered, NOK 386.5 million will be distributed to shareholders as
repayment of paid in capital by distributing shares of Sevan Drilling Ltd,
and the remaining NOK 27.9 million will be transferred to other equity.

On 23 April 2015 Sevan Drilling Ltd. submitted an application for listing of
its shares on Oslo Børs, or alternatively Oslo Axess. As of this date Sevan
Drilling Ltd. will disclose information required under the Securities Trading
Act on the "SEVDR" ticker on Oslo Børs until the time of the listing. The
ISIN number is BMG8070J1099.

Additional information regarding the migration plan is available in the
Company's annual report for 2014, the notice of the annual general meeting
with appendices and at the Company's web

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 § 5-12
of the Norwegian Securities Trading Act, ref. §§ 5-1, 5-2 and 5-3.

Sevan Drilling - Annual Report 2014
Sevan Drilling - AGM Notice and Appendices
Sevan Drilling - AGM Pameldingsskjema
Sevan Drilling - AGM Attendance and Proxy Form


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Sevan Drilling ASA via Globenewswire


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