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Seadrill Limited (OSL:SDRL) SDRL - Seadrill Extends Contract For Tender Rig

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.

Analyst contact: Jim Dåtland Vice President Investor Relations +47 51 30 99 19

Media contact: Trond Brandsrud Chief Financial Officer +47 51 30 99 19

Seadrill Limited Hamilton, Bermuda December 9, 2008

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Seadrill Limited

http://www.seadrill.bm

ISIN: BMG7945E1057

Stock Identifier: XOSL.SDRL

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Seadrill Limited

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