Seadrill Limited — Environmental & Social Information 2014

Feb 25, 2014

Rig t ype/ Nam e	ion/ Gen erat	Built	ter d epth Wa	Drill ing d epth	tion Loca
	1 type		(fee t)	(fee t)			Curr ent cont ract			Prev ious
						Clien t	Sta rt	Exp ire	US\$ Day rate	US\$ Day rate
i-sub sible Sem mer s
ha 2 Wes t Alp	4th- HE	198 6	2,00 0	23,0 00	Nor / Ru ssia way	bil 6, 12. 36 Exxo nMo	Jan- 14	Jul- 16	532, 000	479, 000
					Opti on	bil 6, 12 Exxo nMo	-16 Aug	Jul- 17	000 547,	-
e 2 Wes t Ve ntur	5th- HE	200 0	2,60 0	30,0 00	Nor way	oil 6 Stat	Aug -10	Jul- 15	441, 000	268, 000
x 2 t Ph oeni Wes	6th- HE	200 8	10,0 00	30,0 00	UK	tal 8 To	Jan- 12	Jun -15	454, 000	544, 000
s 2 rcule Wes t He	6th- HE	200 8	10,0 00	35,0 00	Nor way	oil 6 Stat	Jan- 13	Jan- 17	497, 000	495, 000
					Opti on	oil 6 Stat	Jan- 17	Jan- 18	497, 000	-
Wes t Sir ius	6th- BE	200 8	10,0 00	35,0 00	USA	BP 5	Jul-0 8	Jul- 14	490, 173
					USA	BP	Jul-1 4	Jul- 19	535, 000	- -
Wes t Ta urus	6th- BE	200 8	10,0 00	35,0 00	Bra zil	s 11, 35 Petr obra	Feb- 09	Feb -15	656, 662	-
Wes t Em inen ce	6th- HE	200 9	10,0 00	30,0 00	zil Bra	s 11, 35 Petr obra	Jul-0 9	Jul- 15	624, 460
Wes t Aq uari us	6th- HE	200 9	10,0 00	35,0 00	ada Can	bil Exxo nMo	Jan- 13	Oct -15	540, 000	- 530, 000
					da Cana	bil Exxo nMo	Oct- 15	Apr -17	615, 000	-
23 iller Seva n Dr	6th- BE	200 9	10,0 00	40,0 00	Bra zil	s 35 obra Petr	May -10	May -16	419, 817	-
Wes t Or ion	6th- BE	201 0	10,0 00	35,0 00	Bra zil	s 11, 35 obra Petr	Jul-1 0	Jul- 16	624, 460
Wes t Pe gasu s	6th- HE	1	00	00	xico	EX 18 PEM	Aug -13	-14	555,	- 465,
		201	10,0	35,0	Me Mex ico	EX 18 PEM	-14	Aug -16	000 Mar ket R	000
	6th-					BP 4	Aug Jul-1	Aug	ate
t Ca prico Wes rn	BE	201 1	10,0 00	35,0 00	USA	BP	2 17	Sep -17	495, 650 495,	-
t Ecl Wes ipse	6th- BE	1	00	00	Opti on	l Tota	Sep- 14	Aug -19 15	650 450,	- 435,
		201	10,0	40,0	ola Ang Opti on	l Tota	Jan- 15	Jan-	000 455,	000
					Opti on	l Tota	Jan- Jan- 16	Jan- 16 Jan- 17	000 455, 000	-
Wes t Leo	6th- HE	2	00	00	Gha na, I Coa st, G uine vory	il 25, 26 Tullo w O	Jun- 13	-18	605,	- 525,
23 asil Seva n Br	6th- BE	201 2	10,0 00	35,0 00	a zil	s 35 obra Petr	Jul-1 2	Jun 18	000 398,	000
na 23 Seva n Lo uisia	6th- BE	201 3	10,0 00	40,0 00	Bra	Tran erio d	14	Jul- -14	559 Mob ilizat ion	-
		201	10,0	40,0	In T it rans USA	sit p LLOG	Jan- -14	Apr	505,	-
23 Seva n De velo	6th- BE	4	00	00	uctio COS CO nstr n at		Apr	Jan- 17	000	-
per		Q31	10,0	40,0	Und er co	- y 31 Husk	-	-	-	-
t Mi Wes ra el 2, 14	6th- HE	1Q1 5	10,0 00	40,0 00	Und uctio ndai nstr n at Hyu er co		Jun- 15	-20 Jun	590, 000	-
Wes t Rig	6th- HE	2Q1 5	10,0 00	40,0 00	Und uctio Juro nstr n at er co ng	-	-	-	-	-
Drill ship s
tor 2 Wes t Na viga	Ultra -dee ter pwa	200 0	7,50 0	35,0 00	Nor way	l 6, 9 Shel	Jan- 13	Sep -14	602, 000	620, 000
					Norw ay	Cent rica Ener gi N UF	Oct -14	Dec -14	621, 000
laris Wes t Po	Ultra -dee ter pwa	200 8	10,0 00	35,0 00	ola Ang	bil 1 7 Exxo nMo	-13 Mar	r-18 Ma	653, 121	628, 000
pella Wes t Ca	Ultra -dee ter pwa	200 8	10,0 00	35,0 00	Nig eria	bil 10 Exxo nMo	Apr- 09	Apr -14	562, 120	-
					Nige ria	bil 20 Exxo nMo	Apr- 14	Apr -17	627, 500	580, 000
Wes t Ge mini	Ultra -dee ter pwa	201 0	10,0 00	35,0 00	ola Ang	l 17 Tota	Oct- 13	Oct -17	640, 000	447, 000
Wes t Au riga	Ultra -dee ter pwa	201 3	12,0 00	40,0 00	USA	BP 3 3	Oct- 13	Oct -20	565, 000	-
Wes t Ve la	Ultra -dee ter pwa	201 3	12,0 00	40,0 00	USA	BP 3 2	Nov -13	Nov -20	565, 000
Wes t Te llus	Ultra -dee ter pwa	3	00	00		24 Chev ron	Jan- 14	14	635,	- 610,
Wes t Ne ptun e	Ultra -dee ter pwa	201 2Q1 4	12,0 12,0 00	40,0 40,0 00	Libe ria Und uctio Sam nstr n at er co sung	Tra nsit perio d	Jun -14	Jul- Oct -14	000 Mob ilizat ion	000
					USA	3 LLOG	Oct- 14		570,	-
Wes t Sat urn	Ultra -dee ter pwa	4	00	00	uctio nstr n at Sam er co sung			Oct -17	000
Wes t Jup iter	Ultra -dee ter pwa	2Q1 3Q1 4	12,0 12,0 00	40,0 40,0 00	Und Und nstr uctio n at Sam er co sung	-	-	-	- -	- -
Wes t Ca rina	Ultra -dee ter pwa	4Q1 4	12,0 00	40,0 00	Und nstr uctio n at Sam er co sung	-	-	-	-	-
Wes t Dra co	Ultra -dee ter pwa	3Q1 5	12,0 00	40,0 00	Und nstr uctio n at Sam er co sung	- -	- -	- -	-	-
rado Wes t Do	Ultra -dee ter pwa	4Q1 5	12,0 00	40,0 00	Und nstr uctio n at Sam er co sung	-	-	-	-	-
uila Wes t Aq	Ultra -dee ter pwa	4Q1 5	12,0 00	40,0 00	Und uctio DSM E nstr n at er co	-	-	-	-	-
Wes t Lib ra	Ultra -dee ter pwa	4Q1 5	12,0 00	40,0 00	Und uctio DSM E nstr n at er co	-	-	-	-	-

(fee t) (fee t) Curr ent cont ract Prev ious type Clien US\$ US\$ t Sta rt Exp ire Day rate Day rate Jack -ups 2 oil 6 silon y-du Wes t Ep Heav ty - HE 199 3 400 30,0 00 Nor Stat Dec- 10 Dec -16 286, 000 320, 000 way ra 2 oil 6, 15 t Ela Wes Heav y-du HE 201 1 450 40,0 00 Nor Stat Mar -12 Ma r-17 360, 000 ty - way - oil 6 Opti Stat Mar -17 Ma r-19 360, 000 ons - us 2 d 19 Wes t Lin Heav y-du HE 1Q1 4 450 40,0 00 In T it Tran sit P erio Feb- 14 May -14 Mob ilizat ion ty - rans - s 6, 7 , 19 Norw Con ocoP hillip May -14 May -19 375, 000 ay - s 6 Opti Con ocoP hillip -19 -23 375, 000 May Apr ons - fend it it Pe riod Mob ilizat ion Wes t De BE 200 7 350 30,0 00 In T Tans Jan- 14 Apr -14 er rans - Mex ico PEM EX Apr -14 Apr -20 155, 500 136, 458 22 solu di A rabia / Ku KJO Wes t Re te BE 200 7 350 30,0 00 Sau wait Oct- 12 Oct -15 140, 000 135, 000 Opti KJO Oct -15 Oct -16 140, 000 on - 34 Wes t Pro BE 200 7 400 30,0 00 Viet Viet etro Jul-1 3 Ma r-14 170, 000 sovp sper o nam - Wes t Co BE 200 7 350 30,0 00 Ma laysi Hess Feb -13 Apr -14 150, 000 134, 500 urag eous a In Tr ansi Tans it Pe riod Apr -14 Jul- 14 Mob ilizat ion t - Mex ico PEM EX Jul- 14 May -21 155, 500 150, 000 21 / Ku Wes t Tri BE 200 8 375 30,0 00 Sau di A rabia wait KJO Aug -12 Aug -15 145, 000 119, 500 ton Opti KJO Aug -15 Aug -16 145, 000 on - t Vig ilant 200 8 350 30,0 00 laysi Talis -13 167, 000 146, 000 Wes BE Ma Nov Nov -14 a man repi d it it Pe riod Mob ilizat ion Wes t Int BE 200 8 350 30,0 00 In T Tans Nov -13 Ma r-14 rans - Mex ico PEM EX Ma r-14 Oct -20 155, 500 180, 000 34 el Viet Jul-1 Wes t Ari BE 200 8 400 30,0 00 Viet etro 3 Ma r-14 170, 000 sovp nam - ssida Tha iland Wes t Cre BE 200 9 375 30,0 00 PTTE P Nov -10 Aug -14 129, 500 - Feb Mob ilizat Wes t Fre edo BE 200 9 350 30,0 00 In T it Tans it Pe riod Nov -13 -14 ion m rans - Trin idad & T obag Reps ol Feb -14 Jun -14 187, 000 155, 000 o Ven la Card on IV Jun -14 Dec -16 225, 000 ezue - 27 Wes t Ca llisto BE 201 0 400 30,0 00 Sau di A rabia Saud i Ara Nov -12 Nov -15 150, 000 134, 900 mco Opti Saud i Ara Nov -15 Nov -16 150, 000 on mco - Wes t Led BE 201 0 375 30,0 00 Ma laysi Exxo nMo bil Oct -13 Ma r-14 138, 000 133, 500 a a Mala ysia bil r-14 r-15 165, 000 Exxo nMo Ma Ma - t Mi schi ef ublic of C Wes BE 201 0 350 30,0 00 Rep ENI Dec -12 Dec -14 175, 000 ongo - Opti ENI Dec -14 Apr -15 175, 000 on - 30 l di A rabia Saud i Ara AOD BE 201 3 400 20,0 00 Sau May -13 May -16 180, 000 mco - Saud Opti i Ara May -16 May -17 205, 000 on mco - 29 Saud AOD ll BE 201 3 400 20,0 00 Sau di A rabia i Ara Jul-1 3 Jun -16 180, 000 mco - Opti Saud i Ara Jul- 16 Jun -17 205, 000 on mco - 28 Saud AOD lll BE 201 3 400 20,0 00 Sau di A rabia i Ara Oct- 13 Oct -16 180, 000 mco - Opti Saud i Ara Oct -16 Oct -17 205, 000 on mco - Wes t Tu BE 201 3 400 30,0 00 Viet PVE P Sep -13 Ma r-14 164, 000 cana nam - Viet PVE P Ma r-14 Oct -14 167, 000 nam - lesto 201 3 400 30,0 00 Viet ier -13 Jul- 149, 500 Wes t Te BE Prem Dec 14 nam - Viet ier Jul- Prem 14 Sep -14 156, 975 nam - Opti Prem ier Sep -14 Oct -14 156, 975 on - Shel l Wes t Ca stor BE 201 3 400 30,0 00 Bru nei Dec- 13 May -16 155, 000 - t Ob riod Mob ilizat Wes BE 201 3 400 30,0 00 In T it Tans it Pe Nov -13 Ma r-14 ion eron rans - Mex ico PEM EX Ma r-14 Ma r-20 171, 500 - Wes t Tit ania BE 1Q1 4 400 35,0 00 Und uctio Dalia nstr n at er co n - - - - - Wes t Tit BE 1Q1 5 400 30,0 00 Und uctio Dalia nstr n at an er co n - - - - - Wes t Pro BE 2Q1 5 400 30,0 00 Und uctio Dalia teus nstr n at er co n - - - - - Wes t Rh BE 3Q1 5 400 30,0 00 Und uctio Dalia nstr n at ea er co n - - - - - Wes t Tet hys BE 4Q1 5 400 30,0 00 Und uctio Dalia nstr n at er co n - - - - - Wes t Hy perio BE 4Q1 5 400 30,0 00 Und uctio Dalia nstr n at n er co n - - - - - Wes t Um brie l 1Q1 6 400 30,0 00 Und uctio Dalia BE nstr n at er co n - - - - - t Dio Und uctio Dalia Wes BE 2Q1 6 400 30,0 00 nstr n at ne er co n - - - - -	Rig t ype/ Nam e	Gen ion/ erat 1	Built	Wa ter d epth	Drill ing d epth	Loca tion
	Wes t Mi mas	BE	3Q1 6	400	30,0 00	Und Dalia nstr uctio n at er co n	-	-	-	-	-

Rig t ype/ Nam e	ion/ Gen erat	Built	ter d epth Wa	Drill ing d epth	tion Loca
1 type		(fee t)	(fee t)			Curr ent cont ract			Prev ious
						Clien t	Sta rt	Exp ire	US\$ Day rate	US\$ Day rate
Tend er ri gs
T15	Barg e	201 3	6,50 0	30,0 00	Tha iland	Chev ron	Jul- 13	Jul- 18	122, 723	-
T16	Barg e	201 3	6,50 0	30,0 00	Tha iland	Chev ron	Aug -13	Aug -18	121, 268	-
Wes t Ve nced or	Sem i-ten der	201 0	6,50 0	30,0 00	Ang ola	13, 1 6 /Che Cabi nda Gulf Oil Com pany vron	Mar -10	Ma r-15	213, 931	-

Footnotes:1) HE - Harsh environment BE - Benign environment2) Owned by North Atlantic Drilling Ltd in which Seadrill owns 73 percent.3) For West Neptune a mobilization fee of US\$37.5 million will be taken to income over the contract period. 4) For West Capricorn the dayrate includes the mobilization fee of US\$30 million which will be received during the contract period.5) For West Sirius a mobilization fee of US\$29.9 million is taken to income over the contract period.6) Daily rates partly received in Norwegian kroner. Assumed NOK/US\$ foreign exchange rate 6.07) For West Linus we will receive an additional compensation of US\$12,430 per day over the initial 5 year contract period.8) Daily rates partly received in GBP pounds. Assumed US\$/GBP foreign exchange rate 1.509) Estimated average dayrate for the contract period.10) For West Capella a mobilization fee of US\$24.2 million is taken to income over the contract period.11) Daily rates include 5% performance bonus as well as estimated compensation for taxes and is partly received in Brazilian Real. The mobilization fee of US\$39.5 million is taken to income over the contract period. Dayrates recognised in the P&L will be adjusted for some 3.5% in revenue reducing taxes on the service contract.12) Excludes potential bonus payments of maximum 5% of the daily rate, which are based on certain performance criteria.13) For West Vencedor a mobilization and demobilization fees of US\$20 million is taken to income over the contract period.14) West Rigel is going to be delivered in Q2 from the yard due to additional equipment being added for winterisation15) For West Elara a mobilization fee of US\$24 million will be taken to income over the contract period.16) Daily rates partly received in Euros. Assumed EUR/US\$ foreign exchange rate of 1.30.17) An element of the daily rate will be payable to our JV partner. 50% of 5% bonus potential is included in the daily rate.18) For West Pegasus a mobilization fee of US\$25 million will be taken to income over the contract period.19) For West Linus a mobilization fee of US\$24 million will be taken to income over the contract period.20) Customer exercised the right to shorten the term of the contract to three years from five years in exchange for an increased dayrate of US\$627,500, from US\$580,00021) For West Triton a mobilization fee of US\$18 million will be taken to income over the contract period.22) For West Resolute a mobilization fee of US\$18 million will be taken to income over the contract period.23) Owned by Sevan Drilling in which Seadrill owns 50.11 percent.24) Daily rates do not inlcude mobilization fee25) For West Leo a mobilization fee of US\$18 million will be taken to income over the contract period.26) The daily rate includes performance bonus based on a 95% utilization.27) For West Callisto a mobilization fee of US\$20 million will be taken to income over the contract period.28) For AOD lll a mobilization fee of US\$34 million will be taken to income over the contract period. 29) For AOD ll a mobilization fee of US\$36 million was received upfront30) For AOD l a mobilization fee of US\$39.5 million was received upfront31) For West Mira a mobilization fee of US\$40 million will be taken to incomce over the contract period. The dayrate of US\$590,000 does not include a 5% bonus potential32) For West Vela a mobilization fee of US\$37.5 million will be taken to income over the contract period.33) For West Auriga a mobilization fee of US\$37.5 million will be taken to income over the contract period.34) Dayrate grossed up to include tax, which is paid for by the customer35) Daily rates partly received in Brazilian Real. Assumed US\$/BRZ foreign exchange rate 2.20

36) Day rate assumes that the client will excercise its option to use the rig for operations in Norway for 211 days at the initial day rate

portion of the Information.

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

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."

Neither Seadrill Limited nor its affiliates will be liable to any recipient or anyone else for any inaccuracy, error or omission, regardless of use, in the information set forth in this report or for any damages (whether direct or indirect, consequential, punitive or exemplary) resulting there from.

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.