Seadrill Limited

Seadrill Limited (OSL:SDRL) Seadrill today took delivery of the new deepwater semi-submersible drilling rig West Aquarius from the DSME shipyard in South Korea. The unit will leave Korean waters in a few days after completing some general mobilization activities, en route to its first drilling assignment in Indonesia. Start-up of operations is expected mid February. West Aquarius has a three-year contract with ExxonMobil for worldwide exploration activities.

Seadrill Limited (OSL:SDRL) Seadrill has agreed with the PPL Shipyard and Keppel FELS to make certain amendments to the construction agreements for four new jack-ups entered into in June last year.

Seadrill Limited (OSL:SDRL) Yesterday, the ultra deepwater semi-submersible drilling rig West Phoenix commenced operations for Total Norge at the Victoria field in the Norwegian Sea.

Seadrill Limited (OSL:SDRL) Seadrill today announces further strengthening of the Company's corporate management team and has appointed Per Wullf as Executive Vice President and Chief Operating Officer in Seadrill Management AS, based in Stavanger, Norway. Mr Wullf has 28 years of international experience in the drilling industry. He has held senior technical, commercial, and operational positions in Maersk Drilling, most recently as Managing Director of Maersk Drilling in Norway.

Seadrill Limited (OSL:SDRL) On December 17, 2008, Seadrill sold 22,192,500 shares in Scorpion Offshore Ltd and simultaneously entered into a forward contract for the equivalent number of shares with due date on June 17, 2009. Following these transactions, Seadrill controls 23,828,092 shares corresponding to 39.6 percent of the outstanding shares.

Seadrill Limited (OSL:SDRL) Hemen Holdings Ltd, a company indirectly controlled by Seadrill's Chairman John Fredriksen, has settled a TRS agreement (Total Return Swap) underlying 200,000 shares expiring December 11 and subsequent entered into a new TRS agreement with exposure to the same number of underlying shares 200,000. New expiry date is June 11, 2009, and new TRS price is NOK60.207. John Fredriksen's direct and indirect holding in Seadrill is following this transaction unchanged 132,747,583 shares, constituting 33.26 percent of the issued share capital. Hemen Holding controls after this in addition TRS agreements with exposure to totally 4,100,000 shares in Seadrill Limited and options for further 350,000 shares. These numbers remain unchanged after the transaction.

Seadrill Limited (OSL:SDRL) February 27, 2009 - Preliminary results 2008 May 29, 2009 - 1 quarter results 2009 August 28, 2008 - 2 quarter results 2009 November 27, 2009 - 3 quarter results 2009

Seadrill Limited (OSL:SDRL) Drew Investment Ltd, a company controlled by Seadrill's Director Tor Olav Trøim, has on December 9, bought an American call option with underlying exposure to 200,000 shares in Seadrill Limited. The option will expire at March 19, 2009 and the strike price is NOK60. The price was NOK8.50 per option. Trøim's direct and indirect exposure to Seadrill Limited following this transaction is 350,000 shares and 475,000 options. Trøim controls in addition total return swap agreements with exposure to 400,000 shares in Seadrill Limited.

Seadrill Limited (OSL:SDRL) Seadrill and Brunei Shell Petroleum have in principle reached an agreement to extend the contract for the semi-tender rig West Pelaut. The extension has duration of three years with commencement in April 2009 in direct continuation of the existing work. West Pelaut is a first generation self-erecting semi-submersible tender rig that was built in 1994 and has been working for Brunei Shell Petroleum continuously since delivery. The estimated contract value for the extension is approximately US$153 million.

Seadrill Limited (OSL:SDRL) On December 8, 2008, Seadrill Limited closed forward contracts for 21,587,200 shares in Scorpion Offshore Ltd. Seadrill controls 23,503,092 shares corresponding to 39.1 percent of the outstanding shares.