Seadrill Limited — Earnings Release 2015

May 28, 2015

e/N Rig typ ame	/ Gen tion era e 1 typ	Bui lt	Wa dep th ter (fee t)	Dril ling de pth (fee t)	Loc atio n	Clie nt	Cur t co ntra ren			viou Pre s
							Sta rt	ire Exp	ct \$ Day rate US	\$ Day rate US
Sem i-su bm ersi bles
2 We st A lpha	4th -HE	198 6	2,00 0	23,0 00	Nor way	9, 28 Exxo nM obil	Jan -14	Jul- 16	516 ,000	479 ,000
2 We st V ent ure	5th -HE	200 0	2,60 0	30,0 00	Nor way	oil 9 Stat	-10 Aug	Jul- 15	404 ,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	Sep -15	458 ,000	544 ,000
les We st H ercu	6th -HE	200 8	10,0 00	35,0 00	ada Can	il 9 St ato	Jan -13	Jan -17	464 ,000	495 ,000
3 st S irius We	6th -BE	200 8	10,0 00	35,0 00	USA	SA 2 6 U	Jul- 12	Jul- 17	297 ,000	535 ,000
We st T aur us	6th -BE	200 8	10,0 00	35,0 00	Bra zil	Bra zil	-	-	-	641 ,000
We st E min enc e	6th -HE	200 9	10,0 00	30,0 00	Bra zil	27, 32 , 8 Pet rob ras	Jul- 09	Jul- 15	602 ,000	-
3 We st A rius qua	6th -HE	200 9	10,0 00	35,0 00	Can ada	Exxo nM obil	Jan -13	Oct -15	540 ,000	530 ,000
					ada Can	obil Exxo nM	Oct -15	Apr -17	615 ,000	-
r 4 Sev an D rille	6th -BE	200 9	10,0 00	40,0 00	zil Bra	32, 8 Pet rob ras	May -10	Jun -16	419 ,000	-
st O rion We	6th -BE	201 0	10,0 00	35,0 00	zil Bra	27, 32 , 8 Pet rob ras	Jul- 10	Jul- 16	602 ,000	-
We st P ega sus	6th -HE	201 1	10,0 00	35,0 00	ico Mex	EX 1 3 PEM	Aug -11	Aug -15	467 ,500	,000 555
					Mex ico	EX 1 3 PEM	Aug -15	Aug -16	Ma rket Rat e
n 3 We st C icor apr	6th -BE	201 1	10,0 00	35,0 00	USA	0 BP 1	Jul- 12	Jul- 19	535 ,000	495 ,000
clip We st E se	6th -BE	201 1	10,0 00	40,0 00	ola Ang	al Tot	Jan -14	Jun -15	450 ,000	435 ,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	Jul- 18	605 ,000	525 ,000
l 4 Sev an B rasi	6th -BE	201 2	10,0 00	40,0 00	zil Bra	32, 8 Pet rob ras	Jul- 12	Jul- 18	391 ,000	-
4 Sev an L ouis iana	6th -BE	201 3	10,0 00	40,0 00	USA	G 17 LLO	May -14	May -17	350 ,000	-
ira We st M	6th -HE	201 5	10,0 00	40,0 00	Und tion nda i truc at Hyu er c ons	23 Hus ky	Sep -15	Sep -20	590 ,000	-
2 igel We st R	6th -HE	201 5	10,0 00	40,0 00	Und tion at J truc er c ons uro ng	-	-	-	-	-
r 4, 1 5 lope Sev an D eve	6th -BE	201 5	10,0 00	40,0 00	Und tion at C OSC O truc er c ons	-	-	-	-	-
Dril lshi ps r 2
avig We st N ato	Ultr a-de ate epw r	200 0	7,50 0	35,0 00	Nor way	Nor way 33 obil	-	-	-	610 ,000
olar We st P is lla 3	Ultr a-de ate epw r	200 8	10,0 00	35,0 00	ola Ang	Exxo nM	Ma r-13	Ma r-18	653 ,000	628 ,000
st C We ape	Ultr a-de ate epw r	200 8	10,0 00	35,0 00	Nige ria	obil Exxo nM al 33	Apr -14	Apr -17	627 ,500	562 ,120
We st G emi ni a 3	Ultr a-de ate epw r	201 0	10,0 00	35,0 00	ola Ang	Tot BP 2 5	Oct -13	Oct -17	656 ,000	447 ,000
We st A urig 3	Ultr a-de ate epw r	201 3	12,0 00	40,0 00	USA	BP 2 4	Oct -13	Oct -20	565 ,000	-
We st V ela	Ultr a-de ate epw r	201 3	12,0 00	40,0 00	USA	8	Nov -13	Nov -20	565 ,000	-
ellu We st T s	Ultr a-de ate epw r	201 3	12,0 00	40,0 00	zil Bra	Pet rob ras	Apr -15	Apr -18	473 ,000	-
We st N ept une	Ultr a-de ate epw r	201 4	12,0 00	40,0 00	USA	G 29 LLO 11, 3 3	Dec -14	Dec -17	576 ,000	-
We st S atu rn	Ultr a-de ate epw r	201 4	12,0 00	40,0 00	Nige ria	Exxo nM obil	-14 Dec	-16 Dec	633 ,750	-
We st Ju pite r arin	Ultr a-de ate epw r Ultr a-de	201 4	12,0 00	40,0 00	Nige ria	al Tot nsit iod	Dec -14	Dec -19	581 ,000 biliz atio
We st C a	ate epw r	201 5	12,0 00	40,0 00	In T it rans	Tra Per 8	Jan -15	Jun -15	Mo n	-
We st D	Ultr a-de ate	201	12,0	40,0	Bra zil Und tion at S truc	rob Pet ras	Jun -15	Jun -18	463 ,000
raco do We st D ora	epw r Ultr a-de ate epw	5 201	00 12,0	00 40,0	er c ons ams ung Und tion at S truc er c ons ams	-	-	-	-	-
We st A quil a	r Ultr a-de ate epw r	5 201 5	00 12,0 00	00 40,0 00	ung Und tion DSM E truc at er c ons	-	-	-	-	-
ibra We st L	Ultr a-de ate epw r	201 5	12,0 00	40,0 00	Und truc tion at DSM E er c ons	- -	- -	- -	- -	- -

e/N Rig typ ame	/ Gen tion era e 1 typ	Bui lt	Wa dep th ter (fee t)	Dril ling de pth (fee t)	Loc atio n
								Cur t co ren	ntra ct	viou Pre s
						Clie nt	Sta rt	ire Exp	\$ Day rate US	\$ Day rate US
Jack -up s
on 2 We st E psil	vy-d Hea uty - HE	199 3	400	30,0 00	Nor way	oil 9 Stat	Dec -10	Dec -16	258 ,000	320 ,000
2 We st E lara	vy-d Hea uty - HE	201 1	450	40,0 00	Nor way	oil 9 , 12 Stat	r-12 Ma	Ma r-17	330 ,000	-
					Opt ions	oil 9 Stat	r-17 Ma	r-19 Ma	330 ,000	-
2 We st L inus	Hea vy-d - HE uty	201 4	450	40,0 00	Nor	9, 30, 14 Con Phil lips oco	May -14	May -19	344 ,000
					way Opt ions	9 Con Phil lips oco	May -19	May -21	344 ,000	-
r 5 efe We st D nde	BE	200 7	350	30,0 00	Mex ico	PEM EX	Sep -14	Sep	155	- 136
lute We st R eso		200 7		30,0	Sha rjah	Sha		-20	,500	,458 140
We st P rosp ero	BE BE	200 7	350 400	00 30,0 00	Ma lays ia	rjah Lun din	- May -14	- May -16	- 156 ,000	,000 163 ,000
5 We st C our age ous	BE	200 7	350	30,0 00	Mex ico	PEM EX	Sep -14	Jul-	155	150
We st T rito n	BE	200 8	375	30,0 00	Sha rjah	Sha rjah		21	,500	,000 145 ,000
igila We st V nt	BE	200 8	350	30,0 00	lays Ma ia	Tali sma n	- Nov -14	- Jun -15	- 140 ,000	167 ,000
id 5 We st In trep	BE	200 8	350	30,0 00	Mex ico	PEM EX	May -14	Jan -21	155 ,500	180 ,000
We st A riel	BE	200 8	400	30,0 00	Rep ubli c of Co ngo	ENI	Aug -14	Aug -16	205 ,000	170 ,000
st C ida We ress	BE	200 9	375	30,0 00	Tha ilan d	Coa stal Ene rgy	Apr -15	-16 Apr	96,0 00	,000 155
reed We st F om	BE	200 9	350	30,0 00	ela Ven ezu	don Car IV	Oct -14	Apr -17	225 ,000	187 ,000
allis We st C to	BE	201 0	400	30,0 00	di A rab Sau ia	co 1 9 di A Sau ram	Nov -12	Ma r-15	150 ,000	134 ,900
					Sau di A rab ia	Sau di A ram co	Apr -15	Nov -15	135 ,000	-
					ion Opt	di A Sau ram co	Nov -15	Nov -16	150 ,000	-
eda We st L	BE	201 0	375	30,0 00	Viet nam	JVP C	Apr -15	Jun -15	150 ,000	165 ,000
We st M isch ief	BE	201 0	350	30,0 00	In T it rans	Tra nsit Per iod	May -15	Aug -15	Mo biliz atio n	-
					Abu Dh abi	31 NDC	Sep -15	Dec -15	117 ,000	195 ,000
					Abu Dh abi	NDC	Jan -16	Sep -17	130 ,000	-
l AOD	BE	201 3	400	20,0 00	di A rab ia Sau	co 2 2 Sau di A ram	May -13	Ma r-15	180 ,000	-
					di A rab Sau ia	di A Sau ram co	Apr -15	Ma r-16	162 ,000	-
					Sau di A rab ia	Sau di A ram co	Apr -16	May -16	180 ,000	-
					Opt ion	di A Sau ram co	May -16	May -17	205 ,000	-
ll AOD	BE	201 3	400	20,0 00	di A rab Sau ia	co 2 1 Sau di A ram	Jul- 13	Ma r-15	180 ,000	-
					Sau di A rab ia	Sau di A ram co	Apr -15	Ma r-16	162 ,000	-
					Sau di A rab ia	Sau di A ram co	-16 Apr	Jul- 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 rab Sau ia	co 2 0 di A Sau ram	Oct -13	Ma r-15	180 ,000	-
					Sau di A rab ia	Sau di A ram co	Apr -15	Ma r-16	162 ,000	-
					di A rab ia Sau	di A Sau ram co	Apr -16	Oct -16	180 ,000	-
					Opt ion	di A Sau ram co	Oct -16	Oct -17	205 ,000	-
We st T uca na eles	BE	201 3	400	30,0 00	Ang ola tral	Cab ina Gul f Oi l Co ny L imit ed mpa	May -15	May -17 Jul-	220 ,000	167 ,000
We st T to	BE	201 3	400	30,0 00	Aus ia Aus tral ia	ed Orig in E gy L imit ner Car on H ibis Ltd narv cus	Jan -15 Jul-	15 Aug	265 ,000 265	156 ,975
st C We asto r	BE	201 3		30,0	nei Bru	Pty She ll	15 Dec	-15 May	,000 155	-
on 5 We st O ber	BE	201 3	400 400	00 30,0 00	ico Mex	EX PEM	-13 -14	-16	,000 171	-
ia 5							May	-20 May	,500	-
We st T itan itan	BE	201 4	400	35,0 00	Mex ico Und Dali tion	PEM EX	Dec -14	Jun -19	171 ,500	-
We st T We st P rote us	BE BE	201 5 201 5	400	30,0 00 30,0	truc at er c ons an Und tion Dali truc at er c ons an	-	-	-	-	-
hea We st R	BE	201 5	400	00 30,0	Und tion Dali truc at er c ons an	-	-	-	-	-
eth We st T ys	BE	201 6	400	00 30,0	Und Dali tion truc at er c ons an	-	-	-	-	-
We st H rion ype	BE	201 6	400 400	00 30,0 00	Und tion Dali truc at er c ons	-	-	-	-	-
mb riel We st U	BE	201 6	400	30,0 00	an Und Dali truc tion at er c ons an	- -	-	- -	- -	- -
We st D ione	BE	201 7	400	30,0 00	Und tion Dali truc at er c ons an	-	-	-	-	-
We ima st M s	BE	201 7	400	30,0 00	Und tion Dali truc at er c ons an	-	-	-	-	-

e/N Rig typ ame	/ Gen tion era	Bui lt	Wa dep th ter	Dril ling de pth	Loc atio n
	e 1 typ		(fee t)	(fee t)			Cur t co ntra ct ren			Pre viou s
						Clie nt	Sta rt	ire Exp	\$ Day rate US	\$ Day rate US
Ten der rig s
3 T15	Barg e	201 3	6,50 0	30,0 00	Tha ilan d	Che vro n	Jul- 13	Jul- 18	127 ,000	-
3 T16	Barg e	201 3	6,50 0	30,0 00	Tha ilan d	Che vro n	Aug -13	Aug -18	127 ,000	-
r 3 We st V edo enc	Sem i-te nde r	201 0	6,50 0	30,0 00	Sing apo re	Sing apo re	-	-	-	212 ,000

Footnotes:1) HE - Harsh environment BE - Benign environment2) Owned by North Atlantic Drilling Ltd in which Seadrill Limited owns 70.4 percent3) Owned by Seadrill Partners in which Seadrill Limited owns 46.6 percent4) Owned by Sevan Drilling Ltd in which Seadrill Limited owns 50.1 percent5) Owned by SeaMex in which Seadrill Limited owns 50.0 percent6) 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 1.558) Daily rates partly received in Brazilian Real. Assumed US\$/BRZ foreign exchange rate 2.879) Daily rates partly received in Norwegian kroner. Assumed NOK/US\$ foreign exchange rate 7.510) For West Capricorn the dayrate includes the mobilization fee of US\$30 million which will be received during the original contract period.11) For West Saturn a mobilization fee of US\$35 million will be received upfront12) 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) Delivery is deferred for 12 months with mutually agreed options, exercisable at 6 month intervals, to extend the delivery date for up to a total of 36 months from October 201416) 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. 24) 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) West Sirius received a notice of termination from BP. In accordance with the cancellation provisions in the West Sirius contract, Seadrill Partners will receive payments over the remaining contract term27) The mobilization fee of US\$39.5 million is taken to income over the contract period.28) Excludes potential bonus payments of maximum 5% of the daily rate, which are based on certain performance criteria.29) For West Neptune a mobilization fee of US\$37.5 million will be taken to income over the contract period. 30) For West Linus we will receive an additional compensation of US\$12,430 per day over the initial 5 year contract period.31) For West Mischief a mobilization fee of US\$17 million will be taken to income over the contract period.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.

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.