Seadrill Limited — Capital/Financing Update 2017

Apr 4, 2017

Sevan Drilling Limited - Amendments to Secured Credit Facilities

Sevan Drilling Limited - Amendments to Secured Credit Facilities

Hamilton, Bermuda, April 4, 2017 - Sevan Drilling ("Sevan or the Company") a

majority owned subsidiary of Seadrill Limited, announces today that Seadrill

Limited, on behalf of Sevan and other relevant companies, and its banking group

have agreed to extend a series of key dates as part of Seadrill Limited ongoing

restructuring efforts.

Seadrill Limited has reached an agreement to extend the milestone to implement a

restructuring plan from 30 April to 31 July 2017 and also to extend the related

covenant amendments and waivers expiring on 30 June 2017 to 30 September 2017.

These amendments are part of a broader package of measures Seadrill Limited, our

major shareholder, is undertaking to refinance and recapitalize the business.

The Company expects the implementation of a comprehensive restructuring plan

will likely involve schemes of arrangement or chapter 11 proceedings and is

preparing accordingly. The Company's business operations remain unaffected by

these restructuring efforts and the Company will continue to meet its ongoing

customer and business counterparty obligations.

FORWARD LOOKING STATEMENTS

This news release includes forward looking statements. Such statements are

generally not historical in nature, and specifically include statements about

the Company's plans, strategies, business prospects, changes and trends in its

business and the markets in which it operates. These statements are made based

upon management's current plans, expectations, assumptions and beliefs

concerning future events impacting the Company and therefore involve a number of

risks, uncertainties and assumptions that could cause actual results to differ

materially from those expressed or implied in the forward-looking statements,

which speak only as of the date of this news release. Consequently, no forward-

looking statement can be guaranteed. When considering these forward-looking

statements, you should keep in mind the risks described from time to time in the

Company's filings with the Securities and Exchange Commission, including its

Annual Report on Form 20-F (File No. 001-34667). The Company undertakes no

obligation to update any forward looking statements to reflect events or

circumstances after the date on which such statement is made or to reflect the

occurrence of unanticipated events. New factors emerge from time to time, and it

is not possible for the Company to predict all of these factors. Further, the

Company cannot assess the impact of each such factor on its business or the

extent to which any factor, or combination of factors, may cause actual results

to be materially different from those contained in any forward looking

statement.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.