Seadrill Limited — AGM Information 2015

Apr 23, 2015

Sevan Drilling ASA : Approval of Annual Accounts, Summons of Annual General Meeting and Migration from Norway to Bermuda

Sevan Drilling ASA : Approval of Annual Accounts, Summons of Annual General Meeting and Migration from Norway to Bermuda

23 April 2015

Approval of Annual Accounts

The board of directors of Sevan Drilling ASA ("Sevan" or the "Company") has

approved the annual accounts and report for 2014. Except for minor adjustments,

there are no changes in the income statement or equity compared with the

preliminary annual figures presented in connection with the Q4 announcement on

26 February 2015.

The Company's annual report for 2014 will be published on the website at

www.sevandrilling.com and www.newsweb.no.

Summons of Annual General Meeting

Sevan's board of directors summons for an annual general meeting to be held at

2.00 pm (CET) on Friday 15 May 2015, at the Advokatfirmaet Wiersholm's office in

Oslo, Norway.

The complete notice with all appendices can be downloaded from the Company's

website, www.sevandrilling.com. The notice of the meeting including the

registration and proxy form will be sent to the shareholders whose address is

known 24 April 2015.

Shareholders who wish to attend the general meeting are requested to notify

Sevan by 2.00 pm (CET) on Wednesday 13 May 2015, by submitting the enclosed

attendance form to Nordea Bank Norge ASA, Verdipapirservice, P.O. Box 1166

Sentrum 0107 Oslo, Norway (fax: +47 22 48 63 49). Voting proxies may be given by

using the enclosed proxy form.

Migration from Norway to Bermuda

Reference is made to statements regarding the migration from Norway to Bermuda

in the quarterly reports of 2014 and in a press release dated 6 October 2014.

Sevan's board of directors has resolved to propose to the shareholders a plan to

migrate the parent company in the Sevan Drilling Group from Norway to Bermuda.

The board of directors proposes that the migration is completed 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 proposal is conditional upon Oslo Børs resolving to list

the shares in Sevan Drilling Ltd. on Oslo Børs or alternatively on Oslo Axess

and completion of the capital decrease. The current timeline for the process

indicates that the capital decrease and simultaneous listing of Sevan Drilling

Ltd can be completed late-June.

In Q4 2014, as preparation for the migration, the Company contributed all of its

assets and liabilities including investment in subsidiaries to Sevan Drilling

Ltd as a contribution in kind in exchange for shares in Sevan Drilling Ltd.

Further, the Company entered into a management services agreement with its

subsidiary Sevan Drilling Management AS. This agreement will be continued with

Sevan Drilling Ltd. after the migration.

In connection with the board of directors preparing for the migration the book

value of the investment in Sevan Drilling Ltd was assessed. An impairment was

calculated based on the lower of book value versus sales price in accordance

with Norwegian GAAP. Consequently, the board has resolved to record a non-cash

impairment in 2014 for USD 597.3 million in the Company's statutory financial

statements.  This impairment does not impact the consolidated accounts of the

Group.

The functional currency of the statutory accounts of the Company was changed to

Norwegian Kroner effective 1 January 2015 and in connection with the proposed

capital reduction the Company prepared an interim balance sheet. The investment

in Sevan Drilling Ltd. was again assessed for this purpose and based on the

sales price of the Company at the date of the interim balance sheet the

investment was impaired with NOK 493.2 million.

The board of directors proposes to the shareholders to reduce the share capital

from NOK 594,623,436 to NOK 1,000,000 by a reduction of NOK 593,623,436

providing sufficient other equity to complete the migration, whereby NOK 179.3

million will be used to cover losses which cannot otherwise be covered, NOK

386.5 million will be distributed to shareholders as repayment of paid in

capital by distributing shares of Sevan Drilling Ltd, and the remaining NOK

27.9 million will be transferred to other equity.

On 23 April 2015 Sevan Drilling Ltd. submitted an application for listing of its

shares on Oslo Børs, or alternatively Oslo Axess. As of this date Sevan Drilling

Ltd. will disclose information required under the Securities Trading Act on the

"SEVDR" ticker on Oslo Børs until the time of the listing. The ISIN number is

BMG8070J1099.

Additional information regarding the migration plan is available in the

Company's annual report for 2014, the notice of the annual general meeting with

appendices and at the Company's web site www.sevandrilling.com.

For further information, please contact:

Scott McReaken, CEO, Sevan Drilling ASA

+47 911 94 651 mobile

About Sevan Drilling:

Sevan Drilling ASA is an international offshore drilling contractor specializing

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

This information is subject of the disclosure requirements pursuant to § 5-12 of

the Norwegian Securities Trading Act, ref. §§ 5-1, 5-2 and 5-3.

[HUG#1914178]