Seadrill Limited — Financial Supplement Data 2015

Nov 24, 2015

Current contract Client Start Expire Dayrate US\$ Dayrate US\$ Semi-submersibles West Alpha 2 ExxonMobil 9, 28 4th-HE 1986 2,000 23,000 Norway Jan-14 Jul-16 505,000 479,000 West Venture 2 5th-HE 2000 2,600 30,000 Norway Norway - - - 404,000 West Phoenix 2 Total 7 6th-HE 2008 10,000 30,000 UK Jun-15 Sep-15 280,000 458,000 Available 7, 35 UK Sep-15 Mar-16 75,000 - Total 7 UK Apr-16 Sep-16 280,000 - Statoil 9 West Hercules 6th-HE 2008 10,000 35,000 Canada Jan-13 Jan-17 446,864 495,000 West Sirius 3 USA 26 6th-BE 2008 10,000 35,000 USA Jul-14 Jul-17 297,000 535,000 West Taurus 6th-BE 2008 10,000 35,000 Spain Spain - - - 641,000 West Eminence 6th-HE 2009 10,000 30,000 Spain Spain - - - 602,000 West Aquarius 3 6th-HE 2009 10,000 35,000 Canada Hibernia Oct-15 Apr-17 615,000 541,000 Sevan Driller 4 Petrobras 32, 8 6th-BE 2009 10,000 40,000 Brazil May-10 Jun-16 411,000 - Petrobras 27, 32, 8 West Orion 6th-BE 2010 10,000 35,000 Brazil Jul-10 Jul-16 586,000 - PEMEX 13 West Pegasus 6th-HE 2011 10,000 35,000 Mexico Aug-11 Aug-16 365,000 467,500 PEMEX 34 Mexico Aug-16 Aug-18 Market Rate - West Capricorn 3 BP 10 6th-BE 2011 10,000 35,000 USA Jul-12 Jul-19 535,000 495,000 West Eclipse 6th-BE 2011 10,000 40,000 Namibia Namibia - - - 450,000 West Leo 3 Tullow Oil 18, 32 6th-HE 2012 10,000 35,000 Ghana Jun-13 Jul-18 605,000 525,000 Sevan Brasil 4 Petrobras 32, 8 6th-BE 2012 10,000 40,000 Brazil Jul-12 Jul-18 382,513 - Sevan Louisiana 4 LLOG 17 6th-BE 2013 10,000 40,000 USA May-14 May-17 350,000 - West Rigel 2 6th-HE 2015 10,000 40,000 Under construction at Jurong - - - - - Sevan Developer 4, 15 6th-BE 2015 10,000 40,000 Under construction at COSCO - - - - - Drillships West Navigator 2 Ultra-deepwater 2000 7,500 35,000 Norway Norway - - - 610,000 West Polaris 3 ExxonMobil 33 Ultra-deepwater 2008 10,000 35,000 Angola Mar-13 Mar-18 653,000 628,000 West Capella 3 Ultra-deepwater 2008 10,000 35,000 Nigeria ExxonMobil Apr-14 Apr-17 627,500 562,120 Total 33 West Gemini Ultra-deepwater 2010 10,000 35,000 Angola Oct-13 Oct-17 656,000 447,000 West Auriga 3 BP 25 Ultra-deepwater 2013 12,000 40,000 USA Oct-13 Oct-20 565,000 - West Vela 3 BP 24 Ultra-deepwater 2013 12,000 40,000 USA Nov-13 Nov-20 565,000 - Petrobras 8 West Tellus Ultra-deepwater 2013 12,000 40,000 Brazil Apr-15 Apr-18 466,000 - LLOG 29 West Neptune Ultra-deepwater 2014 12,000 40,000 USA Dec-14 Dec-17 576,000 - ExxonMobil 11, 33 West Saturn Ultra-deepwater 2014 12,000 40,000 Nigeria Dec-14 Dec-16 634,000 - West Jupiter Ultra-deepwater 2014 12,000 40,000 Nigeria Total Dec-14 Dec-19 581,000 Petrobras 8 West Carina Ultra-deepwater 2015 12,000 40,000 Brazil Jun-15 Jun-18 457,000 West Draco Ultra-deepwater 2017 12,000 40,000 Under construction at Samsung - - - - - West Dorado Ultra-deepwater 2017 12,000 40,000 Under construction at Samsung - - - - - West Aquila Ultra-deepwater 2015 12,000 40,000 Under construction at DSME - - - - - West Libra Ultra-deepwater 2015 12,000 40,000 Under construction at DSME - - - - -	Rig type/Name	Generation/ type 1	Built	Water depth (feet)	Drilling depth (feet)	Location
										Previous

Rig type/Name	Generation/ type 1	Built	Water depth (feet)	Drilling depth (feet)	Location		Current contract
						Client	Start	Expire	Dayrate US\$	Previous Dayrate US\$
Jack-ups
West Epsilon 2	Heavy-duty - HE	1993	400	30,000	Norway	Statoil 9	Dec-10	Dec-16	245,000	320,000
West Elara 2	Heavy-duty - HE	2011	450	40,000	Norway	Statoil 9, 12	Mar-12	Mar-17	316,000	-
West Linus 2	Heavy-duty - HE	2014	450	40,000	Norway	ConocoPhillips 9, 30, 14	May-14	May-19	331,000	-
					Options	ConocoPhillips 9	May-19	May-21	331,000	-
West Defender 5	BE	2007	350	30,000	Mexico	PEMEX 23	Aug-14	Aug-20	155,500	136,458
West Resolute	BE	2007	350	30,000	Sharjah	Sharjah	-	-	-	140,000
West Prospero	BE	2007	400	30,000	Malaysia	Lundin	May-14	May-16	156,000	163,000
West Courageous 5	BE	2007	350	30,000	Mexico	PEMEX 23	Sep-14	Jun-21	155,500	150,000
West Triton	BE	2008	375	30,000	Sharjah	Sharjah	-	-	-	145,000
West Vigilant	BE	2008	350	30,000	Malaysia	Malaysia	-	-	-	140,000
West Intrepid 5	BE	2008	350	30,000	Mexico	PEMEX 23	May-14	Dec-20	155,500	180,000
West Ariel	BE	2008	400	30,000	Republic of Congo	ENI	Jun-15	Aug-16	130,000	205,000
					Republic of Congo	ENI	Aug-16	Feb-18	155,000	-
West Cressida	BE	2009	375	30,000	Thailand	Coastal Energy	Apr-15	Apr-16	96,000	155,000
West Freedom	BE	2009	350	30,000	Venezuela	Cardon IV	Oct-14	Apr-17	225,000	187,000
West Callisto	BE	2010	400	30,000	Saudi Arabia	Saudi Aramco 19	Apr-15	Mar-16	135,000	150,000
					Saudi Arabia	Saudi Aramco	Apr-16	Nov-18	123,350	-
West Leda	BE	2010	375	30,000	Malaysia	Malaysia	-	-	-	150,000
West Mischief	BE	2010	350	30,000	In Transit	Transit Period	May-15	Nov-15	Mobilization	-
					Abu Dhabi	NDC 31	Nov-15	Nov-16	117,000	195,000
					Abu Dhabi	NDC	Nov-16	Nov-17	130,000	-
AOD l	BE	2013	400	20,000	Saudi Arabia	Saudi Aramco	Apr-15	Mar-16	162,000	180,000
					Saudi Arabia	Saudi Aramco	Apr-16	May-16	180,000	-
					Option	Saudi Aramco	May-16	May-17	205,000	-
AOD ll	BE	2013	400	20,000	Saudi Arabia	Saudi Aramco	Apr-15	Mar-16	162,000	-
					Saudi Arabia	Saudi Aramco	Apr-16	Jul-16	180,000	-
					Option	Saudi Aramco	Jul-16	Jun-17	205,000	-
AOD lll	BE	2013	400	20,000	Saudi Arabia	Saudi Aramco	Apr-15	Mar-16	162,000	-
					Saudi Arabia	Saudi Aramco	Apr-16	Oct-16	180,000	-
					Option	Saudi Aramco	Oct-16	Oct-17	205,000	-
West Tucana	BE	2013	400	30,000	Angola	Cabina Gulf Oil Company Limited	Jun-15	Jun-17	223,000	167,000
West Telesto	BE	2013	400	30,000	Australia	Carnarvon Hibiscus Pty Ltd	Sep-15	Dec-15	265,000	265,000
West Castor	BE	2013	400	30,000	Brunei	Shell	Dec-13	May-16	155,000	-
West Oberon 5	BE	2013	400	30,000	Mexico	PEMEX 23	May-14	May-20	171,500	-
West Titania 5	BE	2014	400	35,000	Mexico	PEMEX 23	Jan-15	May-19	171,500	-
West Titan	BE	2015	400	30,000	Under construction at Dalian	-	-	-	-	-
West Proteus	BE	2016	400	30,000	Under construction at Dalian	-	-	-	-	-
West Rhea	BE	2016	400	30,000	Under construction at Dalian	-	-	-	-	-
West Tethys	BE	2016	400	30,000	Under construction at Dalian	-	-	-	-	-
West Hyperion	BE	2016	400	30,000	Under construction at Dalian	-		-	-	-
West Umbriel	BE	2016	400	30,000	Under construction at Dalian	-	-	-	-	-
West Dione	BE	2017	400	30,000	Under construction at Dalian	-	-	-	-	-
West Mimas	BE	2017	400	30,000	Under construction at Dalian	-	-	-	-	-

Rig type/Name	Generation/	Built	Water depth	Drilling depth	Location
	type 1		(feet)	(feet)			Current contract			Previous
						Client	Start	Expire	Dayrate US\$	Dayrate US\$
Tender rigs
T15 3	Barge	2013	6,500	30,000	Thailand	Chevron	Jul-13	Jul-18	127,000	-
T16 3	Barge	2013	6,500	30,000	Thailand	Chevron	Aug-13	Aug-18	127,000	-
West Vencedor 3	Semi-tender	2010	6,500	30,000	Singapore	Singapore	-	-	-	212,000

Footnotes: 1) HE - Harsh environment BE - Benign environment 2) Owned by North Atlantic Drilling Ltd in which Seadrill Limited owns 70.4 percent 3) Owned by Seadrill Partners in which Seadrill Limited owns 46.6 percent 4) Owned by Sevan Drilling Ltd in which Seadrill Limited owns 50.1 percent 5) Owned by SeaMex in which Seadrill Limited owns 50.0 percent 6) 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 1.51 8) Daily rates partly received in Brazilian Real. Assumed US\$/BRZ foreign exchange rate 3.75 9) Daily rates partly received in Norwegian kroner. Assumed NOK/US\$ foreign exchange rate 8.43 10) For West Capricorn a mobilization fee of US\$30 million will be received during the original contract period. 11) For West Saturn a mobilization fee of US\$35 million will be received upfront 12) 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 2014. 16) 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 upfront 18) 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 upfront 22) For AOD l a mobilization fee of US\$39.5 million was received upfront 23) Seadrill and SeaMex have agreed to reduce the dayrate on five jack-ups for a period of 365 days contingent on an extension on the West Pegasus 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 term 27) 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. 34) Dayrate will be market rate adjusted annually based on a basket of comparable rigs over the preceding period. 35) Seadrill has the ability to market the rig for alternate work during this period.

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.