Seadrill Limited - Capital/Financing Update 2014

SDRL - Seadrill and SapuraKencana's PLSV starts Petrobras job

Hamilton, Bermuda, July 3, 2014 - Seadrill Limited ("Seadrill") and

SapuraKencana Petroleum Berhad ("SapuraKencana") today announced that their

jointly owned entity Sapura Navegação Marítima ("SNM") has commenced operations

of its first pipe-laying support vessel ("PLSV") - Sapura Diamante - for

Petroleo Brasileiro S.A., Brazil, ("Petrobras"). The contract is for a period of

five years with an extension option for an additional five years. Total revenue

potential for the firm contract period is estimated at US$445 million.

Per Wullf, Seadrill CEO commented, "The commencement of the vessel Sapura

Diamante represents the first of six units contracted with Petrobras under the

SNM joint venture and is a testament to the efforts of our partnership with

SapuraKencana.

Through the successful cooperation between Seadrill, SapuraKencana, and IHC

Merwede we have been able to commence operations three months ahead of schedule,

demonstrating our commitment to deliver high quality units that are focused on

safe and efficient operations. The resulting growth in our operating fleet in

Brazil highlights our intent to increase our footprint in the region and

continue developing strong local presence in the South American market."

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1813094]

AI assistant