Seadrill Limited — Capital/Financing Update 2014

May 28, 2014

e/N Rig typ ame	ion/ Gen erat e 1 typ	Buil t	Wa dep th ter (fee t)	Dril ling dep th (fee t)	Loca tion	Clie nt	Cur rent trac t con			ious Prev
							Star t	Exp ire	\$ Day US rate	\$ Day US rate
Sem i-su bme rsib les
2 We st A lpha	4th -HE	198 6	2,00 0	23,0 00	/ R ussi Nor way a	bil 5 , 28. 3 5 Exxo nMo	14 Jan-	Jul- 16	535 ,000	479 ,000
					Opt ion	bil 5 , 28 Exxo nMo	Aug -16	Jul- 17	547 ,000	-
2 We st V ent ure	5th- HE	200 0	2,60 0	30,0 00	Nor way	oil 5 Stat	Aug -10	Jul- 15	441 ,000	268 ,000
2 We st P hoe nix	6th- HE	200 8	10,0 00	30,0 00	UK	tal 7 To	Jan- 12	Oct -15	464 ,000	544 ,000
les 2 We st H ercu	6th- HE	200 8	10,0 00	35,0 00	land Faro e Is s	oil 5 Stat	Jan- 13	Jan- 17	497 ,000	495 ,000
					Opt ion	oil 5 Stat	Jan- 17	Jan- 18	497 ,000	-
3 We st S irius	6th- BE	200 8	10,0 00	35,0 00	USA	BP 1 1	Jul- 08	Jul- 14	490 ,173	-
					USA	BP	Jul- 14	Jul- 19	535 ,000	-
We st T aur us	6th- BE	200 8	10,0 00	35,0 00	il Braz	as 2 7, 8 obr Petr	Feb -09	Feb -15	656 ,662	-
We st E min enc e	6th- HE	200 9	10,0 00	30,0 00	il Braz	as 2 7, 8 obr Petr	Jul- 09	Jul- 15	624 ,460	-
3 We st A rius qua	6th- HE	200 9	10,0 00	35,0 00	Can ada	bil Exxo nMo	13 Jan-	Oct -15	540 ,000	530 ,000
					ada Can	bil Exxo nMo	Oct -15	Apr -17	615 ,000	-
r 4 Sev an D rille	6th- BE	200 9	10,0 00	40,0 00	Braz il	as 8 Petr obr	May -10	May -16	419 ,817	-
We st O rion	6th- BE	201 0	10,0 00	35,0 00	il Braz	as 2 7, 8 obr Petr	Jul- 10	Jul- 16	624 ,460
We st P ega sus	6th- HE	201 1	10,0 00	35,0 00	Mex ico	EX 1 3 PEM	Aug -13	Aug -14	555	- 465
					Mex ico	EX 1 3 PEM	-14	-16	,000 Mar ket	,000
3 We st C	6th-					BP 1 0	Aug Jul-	Aug	Rate
apri corn	BE	201 1	10,0 00	35,0 00	USA Opt ion	BP	12 Sep	Sep -17 Aug	495 ,650 495	-
We st E clip se	6th- BE	201 1	10,0	40,0	Ang ola	Tot al	-17 Jan-	-19 Jan-	,650 450	- 435
			00	00	Opt ion	Tot al	14 Jan- 15	15 Jan- 16	,000 455 ,000	,000 -
					ion Opt	al Tot	Jan- 16	Jan- 17	455 ,000	-
eo 3 We st L	6th- HE	201 2	10,0 00	35,0 00	Gha na	Oil 1 8, 32 Tull ow	Jun -13	Jun -18	605 ,000	525 ,000
l 4 Sev an B rasi	6th- BE	201 2	10,0 00	40,0 00	il Braz	as 8 obr Petr	Jul- 12	Jul- 18	398 ,559
4 Sev an L ouis iana	6th- BE	201 3	10,0 00	40,0 00	it In T rans	nsit iod Tra per	Jan- 14	May -14	Mob iliza tion	-
					USA	G 17 LLO	May -14	Jan-	505	-
r 4 lope Sev an D	6th- BE	Q31 4	00	00	Und tion at C OSC O truc			17	,000	-
eve			10,0	40,0	er c ons	- 23	-	-	-	-
We st M ira 2, 31 We st R	6th- HE 6th- HE	1Q1 5 5	10,0 00 00	40,0 00 00	Und dai truc tion at H er c ons yun Und tion truc at J	Hus ky	Jun -15	Jun -20	590 ,000	-
igel		2Q1	10,0	40,0	er c ons uro ng	-	-	-	-	-
Dril lshi ps
2 We st N avig ator	Ultr a-de ater epw	200 0	7,50 0	35,0 00	Nor way	ll 5, 3 4 She	Jan- 13	Sep -14	589 ,000	620 ,000
					Nor way	Cen trica Ene rgi N UF	Oct -14	Dec -14	621 ,000
olar We st P is	Ultr a-de ater epw	200 8	10,0 00	35,0 00	ola Ang	bil 3 3 Exxo nMo	Mar -13	Mar -18	655 ,736	628 ,000
lla 3 We st C ape	Ultr a-de ater epw	200 8	10,0 00	35,0 00	Nige ria	Exxo nMo bil	Apr -14	Apr -17	627 ,500	562 ,120
We st G emi ni	Ultr a-de ater epw	201 0	10,0 00	35,0 00	Ang ola	al 33 Tot	Oct -13	Oct -17	656 ,000	447 ,000
a 3 urig We st A	Ultr a-de ater epw	201 3	12,0 00	40,0 00	USA	BP 2 5	Oct -13	Oct -20	565 ,000	-
ela We st V	Ultr a-de ater epw	201 3	12,0 00	40,0 00	USA	BP 2 4	-13 Nov	-20 Nov	565 ,000	-
We st T ellu s	Ultr a-de ater epw	201 3	12,0 00	40,0 00	Libe ria	n 29 Che vro	Jan- 14	Jun -14	635 ,000	610 ,000
We st N ept une	Ultr a-de ater epw	2Q1 4	12,0 00	40,0 00	Und tion at S truc er c ons ams ung	Tra nsit iod per	Jun -14	Oct -14	Mob iliza tion	-
					USA	G 9 LLO	Oct -14	Oct -17	570 ,000
We st S atur n	Ultr a-de ater epw	3Q1 4	12,0 00	40,0 00	Und tion at S truc er c ons ams ung	-	-	-	-	-
We st Ju pite r	Ultr a-de ater epw	3Q1 4	12,0 00	40,0 00	Und tion at S truc er c ons ams ung	-	-	-	-	-
We st C arin a	Ultr a-de ater epw	4Q1 4	12,0 00	40,0 00	Und tion at S truc er c ons ams ung	-	-	-	-	-
We st D raco	Ultr a-de ater epw	3Q1 5	12,0 00	40,0 00	Und tion at S truc er c ons ams ung	-	-	-	-	-
orad We st D o	Ultr a-de ater epw Ultr a-de	4Q1 5	12,0 00	40,0 00	Und truc tion at S er c ons ams ung Und tion	-	-	-	-	-
quil We st A a ibra We st L	ater epw Ultr a-de	4Q1 5 4Q1 5	12,0 00 12,0	40,0 00 40,0	truc at D SME er c ons Und tion at D truc er c ons	-	-	-	-	-
	ater epw		00	00	SME	-	-	-	-	-

e/N Rig typ ame	ion/ Gen erat e 1 typ	Buil t	Wa dep th ter (fee t)	Dril ling dep th (fee t)	Loca tion	Clie nt	Cur rent trac t con			ious Prev
							Star t	Exp ire	\$ Day US rate	\$ Day US rate
Jack
-up s n 2						oil 5
psilo We st E 2	vy-d Hea - HE uty	199 3	400	30,0 00	Nor way	Stat , 12	Dec -10	Dec -16	286 ,000	320 ,000
We st E lara	vy-d Hea uty - HE	201 1	450	40,0 00	Nor way	oil 5 Stat	Mar -12	Mar -17	360 ,000	-
					Opt ions	oil 5 Stat	Mar -17	Mar -19	360 ,000	-
2 We st L inus	Hea vy-d - HE uty	1Q1 4	450	40,0 00	Nor way	5, 30, 14 Phil lips Con oco	May -14	May -19	375 ,000	-
					Opt ions	5 Con Phil lips oco	May -19	May -21	375 ,000	-
efen der We st D	BE	200 7	350	30,0 00	In T it rans	d Tan sit P erio	Jan- 14	Apr -14	Mob iliza tion	-
					Mex ico	PEM EX	Jun -14	Jun -20	155 ,500	136 ,458
lute We st R eso	BE	200 7	350	30,0 00	di A rabi a / K Sau it uwa	16 KJO	Oct -12	Oct -15	140 ,000	135 ,000
					Opt ion	KJO	Oct -15	Oct -16	140 ,000	-
We st P rosp ero	BE	200 7	400	30,0 00	Mal aysi a	din Lun	May -14	May -16	155 ,770	163 ,000
We st C our age ous	BE	200 7	350	30,0 00	In T it rans Mex ico	Tan sit P erio d PEM	Apr -14 Jul-	Jul- 14	Mob iliza tion 155	- 150
						EX 15	14	May -21	,500	,000
We st T rito n	BE	200 8	375	30,0 00	di A rabi a / K Sau it uwa ion	KJO	Aug -12	Aug -15	145 ,000	119 ,500
We st V igila nt	BE	200 8		30,0	Opt Mal	KJO Tali	Aug -15 Nov	Aug -16 Nov	145 ,000 167	- 146
We st In id trep		200	350	00 30,0	aysi a In T it rans	sma n Tan sit P erio	-13 Nov	-14 May	,000 Mob iliza	,000
	BE	8	350	00	Mex ico	d PEM	-13 Jun	-14 Jan-	tion 155	- 180
riel We st A	BE	200 8	400	30,0 00	it In T rans	EX sit P erio d Tan	-14 Mar -14	21 Aug -14	,500 Mob iliza tion	,000
					ubli c of Rep Con go	ENI	Aug -14	Aug -15	220 ,000	170 ,000
ida We st C ress	BE	200 9	375	30,0 00	Tha ilan d	PTT EP	Nov -10	Aug -14	129 ,500	-
reed We st F om	BE	200 9	350	30,0 00	idad oba Trin & T go	sol Rep	Feb -14	Jun -14	187 ,000	155 ,000
					Ven ela ezu	Card on I V	Jun -14	Dec -16	225 ,000	-
allis We st C to	BE	201 0	400	30,0 00	di A rabi Sau a	co 1 9 Sau di A ram	Nov -12	Nov -15	150 ,000	134 ,900
					Opt ion	di A Sau ram co	Nov -15	Nov -16	150 ,000	-
eda We st L	BE	201 0	375	30,0 00	Mal aysi a	bil Exxo nMo	Mar -14	Mar -15	165 ,000	138 ,000
We st M isch ief	BE	201 0	350	30,0 00	Rep ubli c of Con go	ENI	Dec -12	Dec -14	175 ,000	-
					Rep ubli c of Con go	ENI	Dec -14	Apr -15	195 ,000	-
l AOD	BE	201 3	400	20,0 00	di A rabi Sau a	co 2 2 di A Sau ram	May -13	May -16	180 ,000	-
					Opt ion	Sau di A ram co	May -16	May -17	205 ,000	-
ll AOD	BE	201 3	400	20,0 00	di A rabi Sau a	co 2 1 Sau di A ram	Jul- 13	Jun -16	180 ,000	-
					Opt ion	di A Sau ram co	Jul- 16	Jun -17	205 ,000	-
lll AOD	BE	201 3	400	20,0 00	di A rabi Sau a	co 2 0 Sau di A ram	Oct -13	Oct -16	180 ,000	-
					Opt ion	di A Sau ram co	Oct -16	Oct -17	205 ,000	-
We st T uca na	BE	201 3	400	30,0 00	Viet nam	PVE P	Mar -14	Oct -14	167 ,000	164 ,000
					In T it rans	d Tan sit P erio	Oct -14	Nov -14	Mob iliza tion
					Ang ola	Gulf Cab ina Oil Com y Li mite d pan	Nov -14	Nov -16	220 ,000
We st T eles to	BE	201 3	400	30,0 00	Viet nam	Prem ier	Dec -13	Jul- 14	149 ,500	-
					Viet nam In T it	Prem ier sit P erio d Tan	Jul- 14 Oct	Oct -14 Nov	156 ,975 Mob iliza	-
					rans tral ia Aus	Orig in E y Li mite d	-14 Nov	-14 Mar	tion 265
We st C asto r	BE	201 3	400	30,0 00	Bru nei	nerg She ll	-14 Dec -13	-15 May -16	,000 155 ,000
bero We st O n	BE	201 3	400	30,0 00	Mex ico	PEM EX	May -14	May -20	171 ,500	-
We st T itan ia	BE	1Q1 4	400	35,0 00	In T it rans	d Tan sit P erio	-	-	-	- -
We st T itan	BE	1Q1 5	400	30,0 00	Und tion at D alia truc er c ons n	-	-	-	-	-
We st P rote us	BE	2Q1 5	400	30,0 00	Und tion at D alia truc er c ons n	-	-	-	-	-
We st R hea	BE	3Q1 5	400	30,0 00	Und tion at D alia truc er c ons n	-	-	-	-	-
ethy We st T s	BE	4Q1 5	400	30,0 00	Und tion alia truc at D er c ons n	-	-	-	-	-
rion We st H ype	BE	4Q1 5	400	30,0 00	Und tion alia truc at D er c ons n	-		-	-	-
mbr iel We st U	BE	1Q1 6	400	30,0 00	Und alia truc tion at D er c ons n	-	-	-	-	-
We st D ione	BE	2Q1 6	400	30,0 00	Und alia tion at D truc er c ons n	-	-	-	-	-
We st M ima s	BE	3Q1 6	400	30,0 00	Und alia tion at D truc er c ons n	-	-	-	-	-

e/N Rig typ ame	ion/ Gen erat e 1 typ	Buil t	th Wa dep ter (fee t)	Dril ling th dep (fee t)	Loca tion
							Cur rent con		trac t	ious Prev
						Clie nt	Star t	Exp ire	\$ Day rate US	\$ Day rate US
der rigs Ten
3 T15	Barg e	201 3	6,50 0	30,0 00	Tha ilan d	Che vro n	Jul- 13	Jul- 18	122 ,723	-
3 T16	Barg e	201 3	6,50 0	30,0 00	Tha ilan d	Che vro n	Aug -13	Aug -18	121 ,268	-
r 3 edo We st V enc	nde Sem i-te r	201 0	6,50 0	30,0 00	ola Ang	26, 6 Cab inda lf O il Co ny/C hev Gu ron mpa	Mar -10	Mar -15	213 ,931	-

Footnotes:

• 1) HE Harsh environment BE Benign environment2) Owned by North Atlantic Drilling Ltd in which Seadrill Limited owns 70 percent3) Owned by Seadrill Partners in which Seadrill Limited owns 63.2 percent4) Owned by Sevan Drilling Ltd in which Seadrill Limited owns 50.1 percent5) Daily rates partly received in Norwegian kroner. Assumed NOK/US\$ foreign exchange rate 6.06) Daily rates partly received in Euros. Assumed EUR/US\$ foreign exchange rate of 1.30.7) Daily rates partly received in GBP pounds. Assumed US\$/GBP foreign exchange rate 1.658) Daily rates partly received in Brazilian Real. Assumed US\$/BRZ foreign exchange rate 2.209) For West Neptune a mobilization fee of US\$37.5 million will be taken to income over the contract period. 10) For West Capricorn the dayrate includes the mobilization fee of US\$30 million which will be received during the contract period.11) For West Sirius a mobilization fee of US\$29.9 million is taken to income over the contract period.12) For West Elara a mobilization fee of US\$24 million will be taken to income over the contract period.13) For West Pegasus a mobilization fee of US\$25 million will be taken to income over the contract period.14) For West Linus a mobilization fee of US\$24 million will be taken to income over the contract period.15) For West Triton a mobilization fee of US\$18 million will be taken to income over the contract period.16) For West Resolute a mobilization fee of US\$18 million will be taken to income over the contract period.17) For Sevan Louisiana a mobilization fee of US\$32.5 million was received upfront18) For West Leo a mobilization fee of US\$18 million will be taken to income over the contract period.19) For West Callisto a mobilization fee of US\$20 million will be taken to income over the contract period.20) For AOD lll a mobilization fee of US\$34 million will be taken to income over the contract period. 21) For AOD ll a mobilization fee of US\$36 million was received upfront22) For AOD l a mobilization fee of US\$39.5 million was received upfront23) For West Mira a mobilization fee of US\$40 million will be taken to incomce over the contract period. The dayrate of US\$590,000 does not include a 5% bonus potential24) For West Vela a mobilization fee of US\$37.5 million will be taken to income over the contract period.25) For West Auriga a mobilization fee of US\$37.5 million will be taken to income over the contract period. 26) For West Vencedor a mobilization and demobilization fees of US\$20 million is taken to income over the contract period.27) Daily rates include 5% performance bonus as well as estimated compensation for taxes and is partly received in Brazilian Real. The mobilization fee of US\$39.5 million is taken to income over the contract period. Dayrates recognised in the P&L will be adjusted for some 3.5% in revenue reducing taxes on the service contract.28) Excludes potential bonus payments of maximum 5% of the daily rate, which are based on certain performance criteria.29) Daily rates do not inlcude mobilization fee30) For West Linus we will receive an additional compensation of US\$12,430 per day over the initial 5 year contract period.31) West Rigel is going to be delivered in Q2 from the yard due to additional equipment being added for winterisation 32) The daily rate includes performance bonus based on a 95% utilization.
• 33) An element of the daily rate will be payable to our JV partner. 50% of 5% bonus potential is included in the daily rate.
• 34) Estimated average dayrate for the contract period.
• 35) Day rate assumes that the client will excercise its option to use the rig for operations in Norway for 211 days at the initial day rate

The information contained in this Fleet Update report (the "Information") is as of the date of the report only and is subject to change without notice to the recipient. Seadrill Limited assumes no duty to update any portion of the Information.

DISCLAIMER. NEITHER SEADRILL LIMITED NOR ITS AFFILIATES MAKE ANY EXPRESS OR IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE) REGARDING THE INFORMATION CONTAINED IN THIS REPORT, WHICH INFORMATION IS PROVIDED "AS IS."

No Unauthorized Publication or Use. All information provided by Seadrill Limited in this report is given for the exclusive use of the recipient and may not be published, redistributed or retransmitted without the prior written consent of Seadrill Limited.

Client Contract Duration, Timing and Dayrates and Risks Associated with Operations. The duration and timing (including both starting and ending dates) of the client contracts are estimates only, and client contracts are subject to cancellation, suspension and delays for a variety of reasons, including some beyond the control of Seadrill Limited. Also, the dayrates set forth in the report are estimates based upon the full contractual operating dayrate. However, the actual average dayrate earned over the course of any given contract will be lower and could be substantially lower. The actual average dayrate will depend upon a number of factors (rig downtime, suspension of operations, etc.) including some beyond the control of Seadrill Limited. Our client contracts and operations are generally subject to a number of risks and uncertainties, and we urge you to review the description and explanation of such risks and uncertainties in previous prospectus. The dayrates do not include revenue for mobilizations, demobilizations, upgrades, shipyards or recharges.