Seadrill Limited

Seadrill Limited (OSL:SDRL) Seadrill has been awarded a new contract by Cabinda Gulf Oil Company Ltd (Chevron) for development drilling offshore Angola with the semi-tender rig West Berani II, which is currently under construction. The contract has a duration of five years with commencement in the first quarter 2010, subsequent to delivery from the yard. Estimated contract value is approximately US$378 million, including mobilization, demobilization and minor upgrades.

Seadrill Limited (OSL:SDRL) Highlights

Seadrill Limited (OSL:SDRL) This release is a correction of the two previous releases sent out earlier this morning. The corrections are in bold.

Seadrill Limited (OSL:SDRL) Seadrill has agreed an early termination of the total return swap agreements with Carnegie Investment Bank AB Norway Branch with 4,500,000 shares in Seadrill Limited as underlying security. The swaps originally had December 19, 2009 as maturity date. Simultaneously, Seadrill entered into a total return swap agreement with DnBNor Markets with 4,500,000 shares in Seadrill Limited as underlying security. The agreed initial reference price under the swap agreement is NOK56.7 per share with expiry on February 12, 2008. Seadrill also has a current holding of own treasury shares of 717,800 shares. This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act).

Seadrill Limited (OSL:SDRL) Seadrill has agreed an early termination of the total return swap agreements with Carnegie Investment Bank AB Norway Branch with 4,500,000 shares in Seadrill Limited as underlying security. The swaps originally had December 19, 2008 as maturity date. Simultaneously, Seadrill entered into a total return swap agreement with DnBNor Markets with 4,500,000 shares in Seadrill Limited as underlying security. The agreed initial reference price under the swap agreement is NOK56.7 per share with expiry on February 12, 2008. Seadrill also has a current holding of own treasury shares of 717,800 shares.

Seadrill Limited (OSL:SDRL) The deepwater semi-submersible rig West Hercules started operations for Husky Oil China Ltd earlier this week. The commencement on the three-year contract was in line with the estimate provided in the news release in connection with delivery of the rig from the DSME yard in Korea last month.

Seadrill Limited (OSL:SDRL) Seadrill's third quarter 2008 result is scheduled to be released on Monday November 24, 2008. In connection with the earnings release, a teleconference/webcast and a live presentation will be held as described below:

Seadrill Limited (OSL:SDRL) Kate Blankenship, Director of Seadrill Limited, has purchased 3,000 shares in Seadrill Limited at a price of NOK58.00 per share. Blankenship's holding in Seadrill Limited following this transaction is 11,000 shares and 50,000 options.

Seadrill Limited (OSL:SDRL) Hemen Holdings Ltd, a company indirectly controlled by Seadrill's Chairman John Fredriksen, has settled a TRS agreements underlying 3,250,000 shares expiring October 20 and subsequent entered into a new TRS agreement with exposure to underlying 3,500,000 Seadrill shares. New expiry date is April 20, 2009, and new TRS price is NOK61,68. Hemen Holding`s and John Fredriksen's ownership 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 are increased by 250.000 shares after the transaction.

Seadrill Limited (OSL:SDRL) Primary insider Trond Brandsrud, CFO Seadrill Management AS, has through market purchases October 17, 2008 purchased 12,500 ordinary shares in Seadrill Limited at a price of NOK48.89 per share. Brandsrud's holding in Seadrill Limited following this transaction is 12,500 shares and 210,000 options.