Seadrill Limited — Director's Dealing 2010

Oct 4, 2010

SDRL - Mandatory notification of trade

Hamilton, Bermuda, October 1, 2010 - Drew Investment Ltd, a company controlled

by Seadrill Director Tor Olav Trøim, has settled a Total Return Swap (TRS)

agreement underlying 400,000 shares expiring October 1th, 2010 and subsequently

entered into a new TRS agreement with exposure to the same number of underlying

shares 400,000. New expiry date is January 6, 2011, and new TRS price is NOK

170,7704 Trøim's direct and indirect holding in Seadrill Limited following this

transaction is 635,000 shares. Trøim controls after this in addition TRS

agreements with exposure to totally 400,000 shares in Seadrill Limited. These

numbers remain unchanged after the transaction.

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

(Norwegian Securities Trading Act)

[HUG#1448676]