Pareto Securities annual Oil and Offshore Conference12 September 2012

CEO Scott Kerr

Important information

THIS PRESENTATION AND ITS ENCLOSURES AND APPENDICES (HEREINAFTER JOINTLY REFERRED TO AS THE PRESENTATION) HAVE BEENPREPARED BY SEVAN DRILLING ASA (SEVAN DRILLING OR THE COMPANY) EXCLUSIVELY FOR INFORMATION PURPOSES. THIS PRESENTATIONHAS NOT BEEN REVIEWED OR REGISTERED WITH ANY PUBLIC AUTHORITY OR STOCK EXCHANGE. RECIPIENTS OF THIS PRESENTATION MAY NOTREPRODUCE, REDISTRIBUTE OR PASS ON, IN WHOLE OR IN PART, THE PRESENTATION TO ANY OTHER PERSON.

THE CONTENTS OF THIS PRESENTATION ARE NOT TO BE CONSTRUED AS LEGAL, BUSINESS, INVESTMENT OR TAX ADVICE. EACH RECIPIENTSHOULD CONSULT WITH ITS OWN LEGAL, BUSINESS, INVESTMENT AND TAX ADVISER AS TO LEGAL, BUSINESS, INVESTMENT AND TAX ADVICE.

THERE MAY HAVE BEEN CHANGES IN MATTERS WICH AFFECT THE COMPANY SUBSEQUENT TO THE DATE OF THIS PRESENTATION. NEITHER THEISSUE NOR DELIVERY OF THIS PRESENTATION SHALL UNDER ANY CIRCUMSTANCE CREATE ANY IMPLICATION THAT THE INFORMATIONCONTAINED HEREIN IS CORRECT AS OF ANY TIME SUBSEQUENT TO THE DATE HEREOF OR THAT THE AFFAIRS OF THE COMPANY HAVE NOTSINCE CHANGED, AND THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT ANYINFORMATION INCLUDED IN THIS PRESENTATION.

THIS PRESENTATION INCLUDES AND IS BASED ON, AMONG OTHER THINGS, FORWARD-LOOKING INFORMATION AND STATEMENTS. SUCHFORWARD-LOOKING INFORMATION AND STATEMENTS ARE BASED ON THE CURRENT EXPECTATIONS, ESTIMATES AND PROJECTIONS OF SEVANOR ASSUMPTIONS BASED ON INFORMATION AVAILABLE TO THE COMPANY. SUCH FORWARD-LOOKING INFORMATION AND STATEMENTS REFLECTCURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS. SEVAN CANNOT GIVEANY ASSURANCE AS TO THE CORRECTNESS OF SUCH INFORMATION AND STATEMENTS.

AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE ORACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAYBE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS ORUNCERTAINTIES ASSOCIATED WITH THE COMPANYS BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKETACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES INDOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS INCURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIESMATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBEDIN THIS DOCUMENT. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATIONINCLUDED IN THIS PRESENTATION.

THIS PRESENTATION IS SUBJECT TO NORWEGIAN LAW, AND ANY DISPUTE ARISING IN RESPECT OF THIS PRESENTATION IS SUBJECT TO THEEXCLUSIVE JURISDICTION OF NORWEGIAN COURTS.

2

A pure-play ultra deepwater drilling company

Options for additional two rigs of same design with a delivery time of 30 months

All-in turnkey price of USD 526 million each

Options expire on 10 December 2012

From yard end 2009 In operation for Petrobras

under a six year contract Start up: Q2 2010 Charter rate: USD 423,000

Sevan Driller

From yard Q1 2012 In operation for Petrobras

under a six-year contract Start up: Q3 2012 Charter rate: USD 400,000

Sevan Brasil

Delivery in Q4 2013 No need for additional

financing until delivery Progress on schedule

Sevan Drilling Rig 3 Sevan Drilling Rig 4

3

Delivery in Q2 2014 No need for additional

financing until delivery Progress on schedule

Large load carrying capacity

Independent of environmental directionality

Low roll and pitch motions

Simple structural layout simple to build

Lower cost to build and operate

With a unique and cost efficient design

Offers a very stable drilling platform tomeet growing need for low cost, efficient

operations

5

0

100

200

300

400

500

600

2007

2009

2011

2013

2015

2017

2019

Dry exploration wellsDiscoveries and producing fieldsAwarded acreage

0

400

800

1200

1600

2007

2009

2011

2013

2015

2017

2019

Discoveries and producing fields Development risk: Appraisal, development and production maintenance drilling at existing discoveries and producing fields

Awarded acreage Exploration and development risk: Exploration, appraisal, development and productionmaintenance drilling for discoveries to be made in awarded acreage

Unawarded (open) acreage Award, exploration and development risk: Exploration, appraisal, development and production maintenance drilling for discoveries to be made in unawarded (open) acreage

Floating rig market growth

Source: Rystad Energy UCube, research & analysis

Market growth beyond 2014 relies on exploration and developmentin currently unawarded acreage

By number of wells

By rigs

Global floating rig drilling demand by field/license status

6

Most deepwater discoveries still not developed

Start-up of oil and gas disc. deeper than 400 ft by current status

Million boe/decade

Discoveries of oil and gas deeper than 400 ft by current status

Million boe/decade

55% of discovered resources not yet put in production a significant backlog of deepwater discoveries to be developed

Resources found,but not yet developed

Source: Rystad Energy UCube

7

The future of deepwater developments

Supply of oil and gas will be adequate to meet demand Demand driven by non-OECD Growth All potential sources of supply must be exploited

Deepwater and ultra deepwater are key to supply

Half of demand for deepwater drilling rigs will be for development drilling

Development drilling will require mobile units More specialization in rig designs

Safe, reliable and efficient operations are critical 50% of capital in upstream is spent on drilling Macondo

Sevan Drilling well fitted with market demand

Ultra deepwater capabilites

Capable of drilling in water depths up to 10,000 feet

Upgradable to 12,000 feet

2.53.0 times deck load capacity of a 6th generation semi-submersible unit

High storage capacity for bulk and fluids

High stability reserve

Less roll and pitch confirmed through drilling and FPSO operations

Zero discharge capabilites Double sides double bottom Low fuel consumption Drilling through moon pool

High storage capacity

Excellent motion characteristics

Environmentally friendly

8

Sevan Driller has proven the rig design

In operation since June 2010

Operations in ultradeep waters Campos Basin (1,800 meters) Santos Basin (2,200 meters)

Improving uptime Downtime related to specific events on

specific equipment

Good client feedback Consistently high ratings from

Petrobras (BAD Sonda scores)

9

Technical uptime and BAD Sonda last 12 months

4

6

8

10

40%

60%

80%

100%

jun. 11 aug. 11 okt. 11 des. 11 feb. 12 apr. 12

Technical Uptime BAD Sonda score

Sevan Brasil proves project management and delivery Delivered on time and on budget

Accepted in 7 weeks and now operates under a 6 year contract with Petrobras on 24 July

Achieved a technical uptime of 100% in August

On 90% stand-by rate since acceptance

Spudded the first well at 1 800 meters in Santos basin on 31 August

10

Solid contract coverage and backlog

Unit Built Region Client

SevanDriller 2009 Brazil Petrobras

SevanBrasil 2012 Brazil Petrobras

SevanUDW3 2013

SevanUDW4 2014

Constructionperiod

Firmcontractperiod

2017 20182012 2013 2014 20162015

Existing rigs secured onlong term contracts withPetrobras

Aggregated revenue backlog of USD 1.5 billion as per Q2 2012

Average base dayrate

Sevan Driller: ~USD 423k/day

Sevan Brasil: ~USD 400k/day

Bonus element of up to 10%

Cash opex of ~USD 170k/day after 6 months of operations

Opex cost inflation mitigated throughannual dayrate adjustments

152 152 152 15276

58136 145 145

145

145

2012 2013 2014 2015 2016 2017

SevanDriller SevanBrasil

11

Significant revenue potential*

Controlled expansion One rig in 2011 Four rigs in 2014

Corresponding revenue growth From USD 130 million in 2011 to above

USD 600 million in 2015

Cost control and operational synergies A four-fold increase in EBITDA Significant reduction in leverage

152 152 152 154

58136 145 145

164 173

108173

2012 2013 2014 Run RateEnd 2015

Sevan Driller Sevan BrasilRig No. 3 Rig No. 4

12

*) Excluding bonus element and reflecting additional dayrate in operating year 2 of USD 36k/day for Sevan Driller. Assuming dayrates of USD 500,000 for Rig No.3 and Rig No.4 with start-up in Q4 2013 and Q2 2014 respectively, mobilization fee to cover costs. Technical uptime from 80% to 95% after 12 months of operation for newbuilds.

-

200

400

600

800

2011 2013 Run-Rate2015

Strategic priorities in Sevan Drilling

Lower risk, operational excellence Stable operations for Sevan Drille