Sevan Drilling ASA Contemplates Intra-Group Merger with Wholly Owned Subsidiaries

Sevan Drilling ASA announced that its Board of Directors is contemplating a merger with its wholly owned subsidiaries Sevan Drilling Management AS, Sevan Drilling Invest AS and Sevan Drilling Rig IX AS (Subsidiaries), in an effort to simplify and rationalize the legal structure of the Sevan Drilling Group. The merger is, subject to certain conditions, scheduled to be adopted by the Board of Directors of all participating companies in early August 2012, and expected to be completed in early October 2012 with all of the Subsidiaries' assets, rights and obligations being transferred to the Company without consideration. The merger will be carried out as a simplified intra-group merger pursuant to the Norwegian Public Limited Companies Act (NCA) section 13-24 and will thus not require a general meeting.