The deal has an average annual value of $750,000.
Forward Zack Kassian was placed on injured reserve by the Oilers on Wednesday and forward Josh Archibald was put on long-term injured reserve.
Defenceman Philip Broberg was loaned to Edmonton's American Hockey League affiliate in Bakersfield, Calif., and forward Kyle Turris was recalled from the minor-league club.
The 32-year-old Sceviour made the Oilers roster after attending training camp on a professional tryout.
The Red Deer, Alta., native appeared in seven pre-season games for Edmonton, earning three assists and working as a penalty killer.
The Oilers host the Vancouver Canucks in both teams' season opener on Wednesday night.