Seadrill Limited - Capital/Financing Update 2014

NADL - North Atlantic Drilling Ltd. Announces Pricing of Offering of US$600 Million of Unsecured Senior Notes due 2019

Hamilton, Bermuda, January 28, 2014 - North Atlantic Drilling Ltd. ("North

Atlantic Drilling"), our majority owned subsidiary, announced today the pricing

of its previously announced offering of US$600 million in aggregate principal

amount of its 6.25% Senior Notes due 2019 (the "Notes") in a private offering

within the United States to qualified institutional buyers pursuant to Rule

144A under the Securities Act of 1933, as amended (the "Securities Act"), and to

certain other persons outside of the United States in reliance on Regulation S

under the Securities Act. The sale of the Notes is expected to be consummated

on January 31, 2014, subject to customary closing conditions.

North Atlantic Drilling intends to use the net proceeds of this offering for the

prepayment of existing indebtedness, including a premium on early settlement,

transaction expenses and general corporate purposes.

This press release shall not constitute an offer to sell or the solicitation of

an offer to buy the Notes, nor shall there be any sale of the Notes in any

jurisdiction in which such offer, solicitation or sale is unlawful. Any offer of

the Notes will be made only by means of a private offering memorandum.

The Notes have not been, and will not be, registered under the Securities Act or

the securities laws of any other jurisdiction and may not be offered or sold in

the United States absent registration or an applicable exemption from

registration requirements under the Securities Act.

The statements in this news release that are not historical facts may be

forward-looking statements. Such forward looking statements are based upon the

current beliefs and expectations of North Atlantic Drilling's management and are

subject to risks and uncertainties which could cause actual results to differ

from the forward looking statements. The information set forth herein should be

read in light of such risks. North Atlantic Drilling does not assume any

obligation to update the information contained in this news release.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1757587]

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