SEAW- Mandatory notification of trade

HAMILTON, BERMUDA (January 4, 2011)

The Board of Seawell Limited has allocated 7,500,000 of the Company's authorized

but unissued shares to a share incentive program pursuant to which the Board may

grant options to subscribe for new shares to the senior managers in the Seawell

Group. The first 3,770,000 share options under the program were granted on

January 3, 2011 and have a strike price of the January 3 closing price at NOK

36.00 per share. The purpose of the share ownership plan is to promote long-term

employment and the term of the options are therefore 5 years. The options will

vest 1/5 on January 1 each year during the option period. First vesting is

January 1, 2012 and the last on January 1, 2016, provided, however, that those

options vesting in the 5th year will expire on December 31, 2016. 1,895,000 of

these options are granted to primary insiders.

The following Primary Insiders have received share options:

Jorgen P. Rasmussen 800,000

Thorleif Egeli 500,000

Lars Bethuelsen 195,000

Max Bouthillette 300,000

Gunnar Lemvik 100,000

New total holdings for the same Primary Insiders are:

Shares Share Options

Jorgen P. Rasmussen 223,000 1,725,000

Thorleif Egeli 31,500 1,000,000

Lars Bethuelsen 30,000 730,000

Max Bouthillette 450,000

Gunnar Lemvik 350,000

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1476857]

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