Archer

Earnings Release • Dec 16, 2010

Seawell Acquires Gray Wireline for USD 157.5 Million

The acquisition will expand Seawell's Cased Hole Wireline and Slickline service

offering in the United States.

Hamilton, Bermuda (December 16, 2010)

Seawell Limited (OSE: SEAW) today announced the acquisition of Gray Wireline

from Centre Partners for 157.5 million on a debt and cash free basis.  The Hart-

Scott-Rodino waiting period has expired and the transaction has closed.

Seawell used existing cash reserves to complete the acquisition. For the nine

months ending September 30, 2010, Gray Wireline delivered unaudited revenues of

USD 67.8 million and EBITDA of USD 13.1 million with projected revenues of USD

95.4 million and EBITDA of USD 19.6 million for calendar year 2010.

Gray Wireline is the largest independent cased hole wireline company in the U.S.

The company commands one of the youngest fleets in the industry with a total of

110 wireline units. Gray operates in 18 district locations providing the Company

access to 85% of all active U.S. drilling rigs and generates a balanced revenue

stream from liquids and gas. The Company is a leading provider of a full range

of cased-hole wireline services in the Permian basin and in unconventional plays

such as the Barnett, Marcellus, Haynesville, Bakken, Eagle Ford and Woodford

shales. The Company operates 6 offshore units from Louisiana.

The Company's senior executives average over 25 years of experience in wireline

operations and services and lead a solid core of regional and district managers,

engineers and operators with a total of 390 employees.

Seawell's Chairman, Jorgen Rasmussen, said:  "We are very pleased to welcome the

Gray team to Seawell. This acquisition is an important step in our product and

service expansion. Gray positions Seawell to become a complete cased hole

wireline solutions provider in the U.S. land market. In addition, Gray will

serve as a distribution network for TecWel and C6-Technologies products and

services in the US"

Gray Wireline Chief Executive Officer Mark Harris commented:  "We are very

excited to combine Gray Wireline with Seawell. The access to advanced

technologies and capital will further strengthen our ability to serve our

customers needs and to grow by attracting and retaining the best people in the

industry."

Alpha Corporate Finance acted as Seawell's financial advisors.  Seawell's legal

advisors are Skadden, Arps, Slate, Meagher & Flom LLP.

Contacts for Seawell:

Jorgen Rasmussen +47 51 30 80 00

Thorleif Egeli +47 51 30 80 00

SOURCE Seawell Limited

http://www.seawellcorp.com

About Seawell Limited

"For the life of your well" - Seawell combines radical technology with the

experience and skills of exceptional people to deliver a compelling range of

products and services throughout the life of the well.  Our specialist in

Drilling, Engineering and Well services are focused on delivering wells safely

and efficiently, securing well integrity and enhancing well performance: each

service contributes to extending the productive life of your vital assets.

Underpinning this activity is a deep commitment to continuous improvement; of

the people, processes and technology that enable the quality of service we

provide. And to innovation; to develop the solutions and technologies needed to

overcome the challenges faced by our customers.  In all we do, safety is

paramount.  The safety of people and the environment.  Now and in the future.

Seawell is listed on the Oslo Stock Exchange with ticker symbol SEAW.

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

(Norwegian Securities Trading Act)

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