Initial public offering of Sevan Marine’s drilling business

The board of Sevan Marine ASA (“Sevan Marine”) will today submit an application for a listing of Sevan Drilling ASA (“Sevan Drilling”) as an independent company on the main list of the Oslo Stock Exchange. Sevan Marine has decided to organize Sevan Marine’s drilling activities into a new company to further grow and develop its ultra deep water (“UDW”) rig business. In connection with the initial public offering (“IPO”), Sevan Drilling has entered into letters of intent (“LOIs”) for the building of two UDW rigs with options for another two