Update on Sevan Driller Operation

8 Nov 2010

Further to announcement made on November 5, 2010, and following attempts to release the locked ram at the seabed, Sevan has, in accordance with procedures, decided to pull the BOP to the surface for repair of the jammed ram.

Preparations for the pulling operations are ongoing. Estimated total downtime since the rig came off hire on November 2 is about 20 days.

Sevan Marine ASA