Seadrill Limited

Seadrill Limited Seadrill has today entered into an agreement with Keppel O&M in Singapore to build a new semi-submersible self-erecting tender rig (semi-tender). Total project price for the semi-tender is estimated at US$210 million. The new rig is scheduled for delivery in the first quarter 2011 and will be based on a similar design and specification as the semi-tender currently under construction at Keppel. The new unit is targeted for harsher environment and deepwater drilling operations in combination with floating wellhead platforms such as TLPs and Spars.

Seadrill Limited In connection with his resignation from the CEO position, primary insider Kjell E Jacobsen has exercised options for 175,000 Seadrill Limited shares at strike price NOK97.61. Simultaneously, Kjell Jacobsen has sold 175,000 shares at an average price of NOK160.63. Mr Jacobsen's continues to hold options for 275,000 shares.

Seadrill Limited In connection with the Company's Employee Share Ownership Plan (ESOP) and the grant of employee stock options, Seadrill Limited has repurchased 100,000 Seadrill Limited shares. The shares have been bought at the Oslo Stock Exchange at an average price of NOK161.32 per share. The Company's holding of own shares after the transaction is 1,052,700 shares.

Seadrill Limited Seadrill has entered into agreements with KFELS and PPL Shipyard in Singapore for the construction of in total four jack-up newbuilds with delivery in 2010. The two units to be built at KFELS will be based on the KFELS Mod V 'B' design. The rated water depth is 400ft and drilling depth is 30,000ft. Deliveries are scheduled in June and November 2010 and the total contract price for the two units is approximately US$420 million. These jack-ups will be the fifth and sixth jack-up orders that Seadrill has placed with KFELS. The previous units have all been delivered on time and budget and are all in operation for various oil companies.

Seadrill Limited Reference is made to the first quarter 2008 report released on May 27, 2008. Seadrill Limited will be trading ex-dividend of a cash dividend of $0.60 per share on June 5, 2008. The record date is June 9, 2008, and the dividend will be paid on or about June 18, 2008.

Seadrill Limited In connection with the Company's Employee Share Ownership Plan (ESOP), Seadrill Limited has sold 8,300 Seadrill shares at strike price NOK86.83 per share. The Company's holding of own shares after the transactions is 952,700 shares.