Seadrill Limited - AGM Information 2015

Sevan Drilling ASA: Annual General Meeting Completed; Sevan Drilling Ltd: Migration from Norway to Bermuda Approved

The annual general meeting in Sevan Drilling ASA ("Sevan Drilling" or the

"Company") was held today May 15(th), 2015, at Advokatfirmaet Wiersholm AS'

premises.

Minutes from the annual general meeting documenting the resolutions made are

attached hereto. As follows from the minutes, all proposals on the agenda were

adopted; cf. the notice of the Annual General Meeting that was published 24

April 2015, including but not limited to the following:

The Annual General Meeting resolved to move the parent company in the Sevan

Drilling Group from Norway to Bermuda through a capital reduction distributing

all shares in Sevan Drilling Ltd (Bermuda) to the Company's shareholders as

repayment of paid-in capital. The distribution will be done in a proportion

securing that they will hold the same relative ownership in the new parent

(Sevan Drilling Ltd) as they have in the Company. The implementation of

the capital decrease and move to Bermuda is conditional upon (i) Oslo Børs

resolving to list the shares in Sevan Drilling Ltd. (a listing application was

submitted to Oslo Børs 23 April 2015 for listing of Sevan Drilling Ltd on Oslo

Børs or alternatively on Oslo Axess) and (ii) that no creditors object to the

completion of the capital decrease and/or that the relationship to a creditor is

not solved during the creditor notice period. The current timeline for the

process indicates that the capital decrease and simultaneous listing of Sevan

Drilling Ltd can be completed late-June.

For further information, please contact:

Scott McReaken, CEO, Sevan Drilling ASA

+47 911 94 651

About Sevan Drilling ASA and Sevan Drilling Limited:

Sevan Drilling ASA is an international offshore drilling contractor specializing

in the ultra deepwater segment. Sevan Drilling ASA is listed on Oslo Børs.

Sevan Drilling Limited is an international offshore drilling contractor

specializing in the ultra deepwater segment. Sevan Drilling Ltd applied for a

listing on Oslo Børs (alternatively Oslo Axess) on 23 April 2015.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1921880]

AI assistant