Sevan: Stein E. Giljarhus to assume position as CEO of Sevan Drilling

Mr. Stein E. Giljarhus will join Sevan as CEO of Sevan Drilling ASA with effect from November 1, 2008.

Stein E. Giljarhus (52) has a bachelor degree in Petroleum Engineering and Structural Engineering. He has more that 30 years experience in the offshore industry, from drilling and well service activities offshore Norway, UK, Canada, Latin America, Far East, North Africa and Middle East.

Prior to joining Sevan, Mr Giljarhus held senior management positions with Transocean, as vice president operations, and AGR (which he co-founded), as executive chairman and CEO, and latterly with Neptune Marine Oil & Gas, as CEO.

The Board of Sevan Marine ASA is evaluating various alternatives and models for the development of its drilling activities, including a separate listing of Sevan Drilling on Oslo Børs.

Sevan Drilling ASA is a wholly-owned subsidiary of Sevan Marine ASA. Sevan Drilling has entered into three long-term drilling contracts, all of which include the provision of a deepwater newbuild rig, based on the cylindrical Sevan 650 design. The first rig will commence drilling mid-2009 offshore Brazil, in the Santos pre-salt cluster basin. The two other rigs are contracted to India’s Oil and Natural Gas Corporation LTD – ONGC, and Petrobras, with expected start-up end 2010 and 2011, respectively.