Sevan Drilling AS, a wholly owned subsidiary of Sevan Marine ASA, has signed a mandate letter and term sheet with DVB Group Merchant Bank (Asia) Pte Ltd and NIBC Bank N.V. for the arrangement of a USD 530 million limited recourse secured term loan facility. The facility will replace the existing debt of the Sevan Driller rig which includes a 1st lien bank facility of USD 250 million and a 2nd lien bond facility of NOK 1 billion (‘FRN Sevan Drilling AS Callable Bond Issue 2006/2012’) and is subject to syndication and documentation.

The Sevan Driller is currently operating deepwater offshore Brazil under a fixed six year drilling contract with Petrobras S.A.

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs – Continuing Obligations.

Sevan Marine ASA is specializing in owning, operating and licensing FPSOs and drilling units, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For further information, reference is made to www.sevanmarine.com.
 
For further information, please contact: 
Oskar Mykland, CFO, Sevan Marine ASA (Analysts)
+47 37404034 office
+47 45480909 mobile

Jan Erik Tveteraas, CEO, Sevan Marine ASA (Media)
+47 37404000 office
+47 95214925 mobile

Birte Norheim, VP Finance, Sevan Marine ASA (Analysts)
+47 37404201 office
+47 95293321 mobile