SDRL - Seadrill - Changes to Board composition

Hamilton, Bermuda, December 30, 2010 - Mr. Kjell E Jacobsen has served notice

that he would like to retire from the Board of Seadrill Limited effective from

December 31, 2010.

Mr. Jacobsen started to work for offshore drilling company Smedvig in 1991 and

was the Company's CEO from end of 2001 to 2006. In 2006, Mr. Jacobsen was

instrumental in order to facilitate the successful integration between Seadrill

Limited and Smedvig asa and became CEO of Seadrill Management AS. He retired as

CEO of Seadrill Management AS in 2008, but remained a highly valuable Board

member. Mr. Jacobsen is currently a partner in the energy focused private equity

group Energy Ventures.

Chairman John Fredriksen says in a comment: We want to thank Kjell E Jacobsen

for his solid contribution to the Seadrill story. He developed in his former

position as CEO a truly professional and highly competent organization with

focus on meeting clients' requirements. He has in his later role as director

been a very competent Board member with his in-depth knowledge of the drilling

industry.

The Board wishes Kjell E Jacobsen all success in his future ventures.

The Board has nominated Mr. Carl Erik Steen to fill the vacancy on the Board

created by the retirement of Kjell E Jacobsen. Mr. Steen is currently Head of

Shipping, Oil Service and International Business in largest Nordic bank, Nordea.

Mr. Steen will take up his directorship in February 2011 after retiring from his

current position in Nordea. Mr. Steen, who is graduated as M.sc in Industrial

Management Engineering from ETH in Zurich, is 59 years and resides in Oslo.

Chairman John Fredriksen says: We are honored that Carl Erik Steen has accepted

a directorship in Seadrill. Mr. Steen is well familiar with our Company and has

extensive knowledge about the offshore industry in general. We are convinced

that Mr. Steen will be a valuable addition to our Board.

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

(Norwegian Securities Trading Act)

[HUG#1476294]

AI assistant