Archer

Earnings Release • Nov 30, 2010

Seawell Limited (SEAW) - Third Quarter and Nine Months 2010 Results

Hamilton, Bermuda, November 30, 2010

Third Quarter Highlights

·     Revenues of NOK1,069.9 million, representing a 17.2% year on year

increase.

·     EBITDA of NOK130.7 million including one time items.

·     Net loss for the quarter of NOK56.7 million and loss per share of

NOK0.35 primarily due to unrealised FX losses of NOK107.9 million.

·     Allis-Chalmers (NYSE:ALY) merger agreement executed in August and

expected to close in first quarter 2011 pending regulatory approval.

·     Gross proceeds of NOK2,654.2 million through the issuance of 115.4

million shares at NOK23 in an August private placement.

·     Awarded the ConocoPhillips PSI (Personal Safety Involvement) award in

the third quarter.

Financial Statements

Third Quarter Operating Results

Consolidated revenues in the third quarter were NOK1,069.9 million compared to

NOK1,050.1 million in the previous quarter.  EBITDA for the third quarter

amounted to NOK130.7 million including NOK13.9 million in merger costs and a

reversal of NOK9 million in personnel insurance liabilities.

Net Financial Items

Interest expense for the third quarter was NOK20.9 million compared to NOK23.9

million in the previous quarter.  Other financial items for the third quarter

were expenses of NOK 119.9 million compared to a gain of NOK28.7 million for the

second quarter, mainly due to an unrealised FX loss of NOK107.9 million for the

third quarter based on an ending FX rate for NOK/USD of 5.85.

Cash Flow

Cash and cash equivalents, excluding restricted cash, totalled NOK1,369.2

million for the third quarter compared to NOK244.6 million for the previous

quarter.  The increases in cash and cash equivalents and other current assets

are mainly due to the August private placement.

Share Capital

A total of 225,400,050 shares of par value $2.00 each were issued and

outstanding as of September 30, 2010.  In addition, a total of 6,507,000 options

were outstanding under the company's long-term employee incentive plans.

"In August we signed a milestone merger agreement with Allis-Chalmers and

established a new roadmap for our future" said Jorgen Rasmussen, Chairman of the

Board.  "We are looking forward to close this transaction as planned, we have

completed many important elements of the conditions by now, including the

listing on the Oslo Bors and in Q1 we expect to move forward with the new

Seawell!"

Attachment:  2010 3Q Results

For further information, please contact:

Thorleif Egeli, CEO - Seawell Management AS, Phone: +47 51 30 80 00

Lars Bethuelsen, CFO - Seawell Management AS, Phone: +47 51 30 80 00

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

(Norwegian Securities Trading Act)

[HUG#1466830]