Archer — M&A Activity 2011

Jan 25, 2011

SEAW - Merger with Allis-Chalmers Energy Inc

Allis-Chalmers Energy Announces Record Date and Meeting Date for Special Meeting

of Stockholders in Connection with Merger

Hamilton, Bermuda (January 25, 2011)

Reference is made to news release of August 13, 2010 where Seawell Limited (OSE:

SEAW) and Allis-Chalmers Energy Inc. (NYSE: ALY) announced that their Boards of

Directors had unanimously approved a definitive merger agreement providing for

the acquisition of Allis-Chalmers by Seawell

Allis-Chalmers today announced that it has established a record date and a

meeting date for the special meeting of its stockholders to consider and vote

upon, among other things, the proposal to adopt the previously announced

Agreement and Plan of Merger, dated as of August 12, 2010, among Allis-Chalmers,

Seawell and Wellco Sub Company, pursuant to which Allis-Chalmers would become a

subsidiary of Seawell.

Allis-Chalmers stockholders of record at the close of business on Friday,

January 14, 2011, will be entitled to notice of the special meeting and to vote

at the special meeting.  The special meeting will be held on Wednesday, February

23, 2011, at 10:00 a.m. local time.

In addition to the approval of Allis-Chalmers' stockholders, the completion of

the transaction is subject to customary closing conditions.

Additional Information and Where to Find It

In connection with the proposed merger between Seawell and Allis-Chalmers,

Seawell has filed with the SEC a Registration Statement on Form F-4 that

includes a proxy statement of Allis-Chalmers that also constitutes a prospectus

of Seawell. The definitive proxy statement / prospectus can be obtained free of

charge at the SEC's website (www.sec.gov). Seawell and Allis-Chalmers expect to

mail the definitive proxy statement/prospectus to the Allis-Chalmers

stockholders on or about January 25, 2011. Seawell and Allis-Chalmers urge

investors and stockholders to read the proxy statement / prospectus regarding

the proposed merger, as well as other documents filed with the SEC, because they

will contain important information. You may obtain copies of all documents filed

with the SEC regarding this transaction, free of charge, at the SEC's website

(www.sec.gov). You will shortly obtain these documents, free of charge, from

Seawell's website (www.seawellcorp.com) under the tab "Investors." You may also

obtain these documents, free of charge, from Allis-Chalmers' website

(www.alchenergy.com) under the tab "For Investors" and then under the heading

"SEC Filings."

This communication does not constitute an offer to sell or the solicitation of

an offer to buy any securities or a solicitation of any vote or approval. The

publication or distribution of this communication may, in some countries, be

restricted by law or regulation. Accordingly, persons who come into possession

of this document should inform themselves of and observe these restrictions. To

the fullest extent permitted by applicable law, Seawell Limited, Allis-Chalmers

and their respective affiliates disclaim any responsibility or liability for the

violation of such restrictions by any person.

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

(Norwegian Securities Trading Act)

[HUG#1482418]