Seadrill Limited — AGM Information 2014

Jun 18, 2014

SEVAN DRILLING ASA

The Nomination Committee's proposal to the ordinary general meeting

19 June 2014

Sevan Drilling ASA's nomination committee has, during the period from last year's ordinary general meeting, consisted of:

Harald Thorstein, chairman Jarle Sjo Geir Tjetland

The Nomination Committee has prepared this proposal after consultation with the Company's largest shareholder and the chairman of the Company's board. The proposal is as follows:

1. ELECTION OF BOARD

The existing board consists of:

Erling Lind, chairman Kristian Johansen, deputy chairman Benedicte Schilbred Fasmer Birgitte Ringstad Vartdal Per Wulff

Birgitte R. Vartdal was elected in the extraordinary general meeting held on 23 July 2013. The other board members were elected in the ordinary general meeting in 2013.

All board members are up for election in this year's ordinary general meeting.

Benedicte Schilbred Fasmer has informed the Nomination Committee that she is not a candidate for re-election. The other board members have all made themselves available for re-election.

Based on the Company's present situation, the Nomination Committee has found that continuity is the most important factor when making their proposal. Based on this, the Committee proposes that the board members who have made themselves available for re-election be re-elected. In addition, the Nomination Committee propose that Ragnhild M. Wiborg is elected as a new board member.

Ragnhild M. Wiborg is a well experienced investment manager in both the Norwegian and the Swedish capital markets. She is currently a board member in IM Skaugen SE, REC Silicon ASA, REC Solar ASA, EAM Solar ASA and Borregaard ASA. She holds a degree in economics.

The Nomination Committee proposes that the election period for all board members run until next year's ordinary general meeting.

2. ELECTION OF CHAIRMAN AND DEPUTY (CHAIRMAN)

The Nomination Committee proposes that Erling Lind is re-elected as the chairman of the board and that Kristian Johansen is re-elected as deputy chairman for the election period 2014/15.

3. REMUNERATION TO THE MEMBERS OF THE BOARD

The Nomination Committee proposes that the board's remuneration for the election period 2014/15 is maintained at the same level as in 2013/14. This implies that the chairman of the board's remuneration is set at NOK 500,000 and that each board member's remuneration is set at NOK 350,000.

The Nomination Committee further proposes that the remuneration is paid out quarterly in arrears.

Further, the Nomination Committee proposes that the board members who participate in the Audit Committee is awarded an additional sum of NOK 30,000 each.

4. THE NOMINATION COMMITTEE

The Nomination Committee proposes that all its members are re-elected for the period 2014/15.

5. REMUNERATION TO THE NOMINATION COMMITTEE

The Nomination Committee proposes that each of its members will receive a remuneration of NOK 5,000 for the period 2013/14.

Oslo, 16 June 2014

Harald Thorstein

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Jarle Sjo

Geir Tjetland

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