Seadrill Limited

Seadrill Limited (OSL:SDRL) Seadrill Limited and Ship Finance International Limited have agreed a combined sale and leaseback arrangement whereby Seadrill sell the ultra-deepwater semi-submersible rigs West Hercules and West Taurus for a total consideration of US$1.7 billion and simultaneously lease the units for a 15-year period. The up front cash contribution from the sale adjusted for remaining newbuild instalments is estimated to US$1 billion at delivery of the two semi-submersible rigs.

Seadrill Limited (OSL:SDRL) In connection with the Company's Employee Share Ownership Plan (ESOP), Seadrill Limited has sold 50,000 Seadrill shares at strike price NOK80.42 per share. The Company's holding of own shares after the transactions is 797,800 shares.

Seadrill Limited (OSL:SDRL) In connection with the Company's Employee Share Ownership Plan (ESOP), Seadrill Limited has sold 8,300 Seadrill shares at strike price NOK83.74 per share. The Company's holding of own shares after the transactions is 847,800 shares.

Seadrill Limited (OSL:SDRL) Hemen Holdings Ltd, a company indirectly controlled by Seadrill's Chairman John Fredriksen, has settled a TRS agreements expiring September 1 and subsequent entered into a new TRS agreement with exposure to the same number of Seadrill underlying shares 400,000. New expiry date is March 2, 2009, and new TRS price is NOK155.41.

Seadrill Limited (OSL:SDRL) Reference is made to the second quarter 2008 report released on August 28, 2008. Seadrill Limited will be trading ex-dividend of a cash dividend of $0.60 per share on September 4, 2008. The record date is September 8, 2008, and the dividend will be paid on or about September 16, 2008.

Seadrill Limited (OSL:SDRL) The Seadrill operated tender rig T9 has been awarded a three-year contract extension with ExxonMobil. The contract extension value is approximately US$152 million. Commencement of the extension is scheduled to mid January 2009.

Seadrill Limited (OSL:SDRL) Seadrill has been awarded a contract by VSP in Vietnam for the jack-up rig West Ariel. The assignment is for the drilling of 10 wells with expected duration of 18 months. Total contract value is estimated at US$105 million.

Seadrill Limited (OSL:SDRL) Primary insider Alf C Thorkildsen has in connection with his appointment as CEO in Seadrilll Management AS been awarded 225,000 options in Seadrill Limited. The strike price has been set at NOK148.68 and the options mature on January 6, 2014 . Following this allotment, Alf C Thorkildsen holds options in Seadrill Limited totalling 600,000.

Seadrill Limited (OSL:SDRL) Highlights Seadrill reports net income of US$210 million and earnings per share of US$0.53 for the second quarter of 2008.

Seadrill Limited Seadrill's second quarter 2008 results is scheduled to be released on Thursday August 28, 2008. In connection with the earnings release, a teleconference/webcast will be held as described below: