Seadrill Limited — Director's Dealing 2010

Mar 12, 2010

SDRL - Notification of trade and increased share capital

The following primary insiders in Seadrill Limited have exercised options and

consequently increased their shareholding accordingly:

John Fredriksen1)

Options exercised                                       350 000

Remaining options                                                  0

Holding of shares after the transaction     350 000

Tor Olav Trøim2)

Options exercised                                       275 000

Remaining options                                                  0

Holding of shares after the transaction     625 000

Kate Blankenship

Options exercised                                         30 000

Remaining options                                        20 000

Holding of shares after the transaction        41 000

The original strike price in 2005 was set to USD2.23 for all of the exercised

options. This price reflected a 10 % premium to the share price when the plan

was approved and the directors commenced their duties. The strike price has

further been increased by 10 % p.a. The individuals exercising these options

will be compensated for dividends paid since the grant of the options.

As a consequence of the exercised options the issued share capital in Seadrill

Limited increased from 399,133,216 to 399,788,216.

1) Hemen Holding Ltd or Hemen owns 132,747,583 shares in Seadrill Limited, of

which the shares are held in trusts established by Mr. John Fredriksen for the

benefit of his immediate family. Mr. Fredriksen disclaims beneficial ownership

of the Seadrill limited shares owned by Hemen, except to the extent of his

voting and dispositive interest in such shares of common stock. Mr. Fredriksen

has no pecuniary interest in the shares held by Hemen. In addition, to the

holdings of the shares mention above, Hemen is party to separate total return

swap agreements relating to 3,500,000 of common shares in Seadrill limited.

2) Drew Investment Ltd. or Drew Investment, is a company controlled by Tor Olav

Trøim. In addition to the to the holdings of shares in the table above, Drew

Investment is party to separate total return swap agreements relating to

400,000 of common shares in Seadrill Limited.

Seadrill Limited

Hamilton, Bermuda

March 12, 2010

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

(Norwegian Securities Trading Act)

[HUG#1393214]