Seadrill Limited — Earnings Release 2015

May 28, 2015

Sevan Drilling ASA : Sevan Drilling ASA Announces First Quarter 2015 Results

Sevan Drilling ASA : Sevan Drilling ASA Announces First Quarter 2015 Results

Highlights - First Quarter 2015

* Operating revenue in Q1 was USD 83.1 million (Q1 2014 - USD 60.1 million).

* EBITDA in Q1 was USD 38.3 million (Q1 2014 - USD 15.7 million).

* Net profit in Q1 was USD 2.2 million (Q1 2014 - net loss of USD 10.4

million).

* On 15 May, Sevan Drilling ASA held an Annual General Meeting where the 2014

annual accounts, report, and all proposals were approved by the

shareholders.

* On 26 May, the Board of Directors of Oslo Børs resolved to admit the shares

in Sevan Drilling Limited to listing on Oslo Børs

Financial performance summary

Operating revenue

Operating revenue was USD 83.1 million compared to USD 60.1 million in Q1 2014.

The revenue increase is explained by Sevan Louisiana commencing operations in Q2

2014 and achieving a Q1 2015 technical utilization of 80.8% (mobilization in Q1

2014). Sevan Driller technical utilization was 94.9% (93.8% in Q1 2014), which

was partly offset by Sevan Brasil at 71.8% (89.9% in Q1 2014).

Operating expenses

Total operating expense was USD 63.3 million compared to USD 59.3 million in Q1

The increase is the result of Sevan Louisiana operating in this quarter offset

by improved operating expenses on Sevan Driller and Sevan Brazil.  Average

operating costs per day were at USD 151,000 in Q1 2015, which result from cost

reduction initiatives realized through the Seadrill management service

agreements, specifically reducing labor costs offshore and onshore, and through

deferring non-critical maintenance into later periods.

General and administrative and restructuring expenses were reduced from

conclusion of the integration.

Depreciation expense increased as a consequence of Sevan Louisiana in service

through Q1 2015.

Net financial items

Net financial items amounted to USD 17.4 million in Q1 2015 compared to USD

11.5 million in Q1 2014, which increased USD 2.9 million from interest and

commitment fees on the revolving credit facility ("RCF") and USD 2.3 million

from capitalizing interest on Sevan Louisiana in Q1 2014.

Net profit for Q1 2015 was USD 2.2 million compared to a net loss of USD 10.4

million in Q1 2014.

Balance sheet

Cash and cash equivalents amounted to USD 39.3 million as of 31 March 2015

compared to USD 30.2 million as of 31 December 2014.

In Q1 2015, interest and principal payments under the debt facility and RCF were

USD 11.3 million and USD 35.0 million, respectively. As of 31 March 2015, USD

140.0 million was drawn on the RCF.

Sevan is preparing its accounts on the assumption that the company is a going

concern. Liquidity is sensitive to performance of the rigs under their contracts

and the continued availability of the RCF.

For further information, please contact:

Scott McReaken, CEO, Sevan Drilling ASA

+47 91194651

About Sevan Drilling ASA and Sevan Drilling Limited:

Sevan Drilling ASA is an international offshore drilling contractor specializing

in the ultra deepwater segment. Sevan Drilling ASA is listed on Oslo Børs.

Sevan Drilling Limited is an international offshore drilling contractor

specializing in the ultra deepwater segment. On 15 May 2015 the Annual General

Meeting of Sevan Drilling ASA resolved to move the parent company in the Sevan

Drilling Group from Norway to Bermuda through a capital reduction distributing

all shares in Sevan Drilling Limited to the Company's shareholders as repayment

of paid-in capital (the "Migration"). Sevan Drilling Limited was approved for

listing at Oslo Børs 26 May 2015. The migration and listing of Sevan Drilling

Limited is expected to take place on or about 30 June 2015.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1924472]