Seadrill Limited — Interim / Quarterly Report 2014

May 28, 2014

First quarter 2014

28 May 2014

Important information

THIS PRESENTATION AND ITS ENCLOSURES AND APPENDICES (HEREINAFTER JOINTLY REFERRED TO AS THE "PRESENTATION") HAVE BEENPREPARED BY SEVAN DRILLING ASA ("SEVAN DRILLING" OR THE "COMPANY") EXCLUSIVELY FOR INFORMATION PURPOSES. THIS PRESENTATIONHAS NOT BEEN REVIEWED OR REGISTERED WITH ANY PUBLIC AUTHORITY OR STOCK EXCHANGE. RECIPIENTS OF THIS PRESENTATION MAY NOTREPRODUCE, REDISTRIBUTE OR PASS ON, IN WHOLE OR IN PART, THE PRESENTATION TO ANY OTHER PERSON.

THE CONTENTS OF THIS PRESENTATION ARE NOT TO BE CONSTRUED AS LEGAL, BUSINESS, INVESTMENT OR TAX ADVICE. EACH RECIPIENTSHOULD CONSULT WITH ITS OWN LEGAL, BUSINESS, INVESTMENT ANDTAX ADVISER AS TO LEGAL, BUSINESS, INVESTMENT AND TAX ADVICE.

THERE MAY HAVE BEEN CHANGES IN MATTERS WICH AFFECT THE COMPANY SUBSEQUENT TO THE DATE OF THIS PRESENTATION. NEITHER THEISSUE NOR DELIVERY OF THIS PRESENTATION SHALL UNDER ANY CIRCUMSTANCE CREATE ANY IMPLICATION THAT THE INFORMATIONCONTAINED HEREIN IS CORRECT AS OF ANY TIME SUBSEQUENT TO THE DATE HEREOF OR THAT THE AFFAIRS OF THE COMPANY HAVE NOTSINCE CHANGED, AND THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT ANYINFORMATION INCLUDED IN THIS PRESENTATION.

THIS PRESENTATION INCLUDES AND IS BASED ON, AMONG OTHER THINGS, FORWARD-LOOKING INFORMATION AND STATEMENTS. SUCHFORWARD-LOOKING INFORMATION AND STATEMENTS ARE BASED ON THE CURRENT EXPECTATIONS, ESTIMATES AND PROJECTIONS OF SEVANDRILLING OR ASSUMPTIONS BASED ON INFORMATION AVAILABLE TO THE COMPANY. SUCH FORWARD-LOOKING INFORMATION AND STATEMENTSREFLECT CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS. SEVANDRILLING CANNOT GIVE ANY ASSURANCE AS TO THE CORRECTNESS OF SUCH INFORMATION AND STATEMENTS.

AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE ORACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS ORUNCERTAINTIES ASSOCIATED WITH THE COMPANY'S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKETACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES INDOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS INCURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIESMATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBEDIN THIS DOCUMENT. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATIONINCLUDED IN THIS PRESENTATION.

THIS PRESENTATION IS SUBJECT TO NORWEGIAN LAW, AND ANY DISPUTE ARISING IN RESPECT OF THIS PRESENTATION IS SUBJECT TO THEEXCLUSIVE JURISDICTION OF NORWEGIAN COURTS.

First Quarter Highlights

Financial Highlights

Impact of new management

• •Fleet technical utilization 91.9 percent
• •Daily Average OPEX USD 188,000
• •G&A, not including restructure, USD 5.9 million
• •EBITDA improved 70.7 percent versus Q1 2013

Other Highlights

• • Louisiana transit through Q1, received mobilization fee, and expect commencement by the end of May
• • Developer 95 percent complete and delivery remains likely in Q3 2014

Financial Update

4

Income Statement

U d i d f ig in U S D i l l io te na ur es m n u	T hr hs t e e m o n d d e n e 3 1 M h 2 0 1 4 a rc	T hr hs t e e m o n d d e n e 3 1 M h 2 0 1 3 a rc
O in t p e ra g re ve nu e	6 0. 1	5 5. 9
O in t p er a g ex p en se G l & dm in is ive tra t en er a a e xp en se Re in tru tu s c r g ex p en se De ia io isa io d im irm t t t t p re c n, a m or n an p a en ( ) / Fo ig ha lo in io t re n ex c ng e ss g a op er a ns - To l o in ta t p e ra g ex p e ns e in f i / ( ) O lo t t p e ra g p ro s s	-3 3. 9 -5 9 -2 2 -1 4. 9 -2 4 -5 9. 3 0. 8	-4 0. 2 -6 8 - -1 0 5. 0. 3 -6 1. 7 -5 8
F in ia l e an c xp en se f Fo ig ha lo in in re n ex c ng e ss an c g - Ne f in ia l i t te a nc m s Lo b fo ta s s e re x	-1 1. 5 - -1 1. 5 -1 0. 7	-1 9 5. -2 5 -1 8. 4 -2 4. 2
/ ( ) Ta in x co m e ex p en se Ne lo t s s	0. 3 -1 0. 4	0. 0 -2 4. 2
E P S ( U S D ha ) p e r s re Ba ic d d i lu d te s an -	-0 0 2	-0 0 5

• •Improved utilization from Q1 2013
• • OPEX improved by 16 percent
• Less non-recurring costs
• Eliminated rental, end of well
• Seadrill integration
• • G&A improved by 13 percent
• USD 1.6 million one-time integration
• • Restructure includes employee severance costs
• •EBITDA USD 15.7 million (+70%)
• •Improved costs on new facilities

Balance Sheet

U d i d f ig in U S D i l l io te na u ur es m n	As t a 3 1 M h 2 0 1 4 a rc	As t a 3 1 De b 2 0 1 3 c e m e r
S S S A E T
Dr i l l in ig g r s	1, 9 3 0. 2	1, 9 1 6. 6
O he f ixe d t ts r as se	4. 1	1 9. 2
O he t t a ts r n on -c ur re n ss e	7 6. 5	4 0. 4
To l n ta t a ts o n- cu rr e n s s e	2, 0 1 0. 8	1, 9 7 6. 2
In ie to ve n r s	2 6. 9	2 6. 9
Tr de d he iva b le t a a n o r r ec e s	2 5. 1	3 2. 4
C h d h iva le ts as an ca s eq n u	4 8 5.	1 2 8. 7
To l c ta t a ts rr e n s s e u	9 8 7.	1 8 8. 0
To l a ta ts s s e	2, 1 0 8. 6	2, 1 6 4. 2
S ha i l ta re c ap	1 0 8. 6	1 0 8. 6
O he i t ty r e q u	5 6 4. 9	5 7 5. 1
i To l e ta ty q u	6 7 3. 5	6 8 3. 7
No io f ba k bo in t p t n- cu rre n or n o n rro g s w	1, 1 6 2 7.	1, 1 9 6. 1
No lo fro la d t te ty n- cu rre n an m re p ar	1 0 5.	-
O he l ia b i l i ie t t t r n on -c ur re n s	0. 1	0. 1
ia i i ie To l n l b l ta t t o n- cu rr e n s	1, 1 8 2. 3	1, 1 9 6. 2
Tr de d he b le t a a n o r p ay a s	0. 7 5	4. 7 5
C io f ba k bo in t p t ur re n or n o n rro g s w	1 3 3. 5	1 3. 1 7
O he l ia b i l i ie t t t r c ur re n s	4 8. 8	3 6. 7
To l c l ia b i l i ie ta t t rr e n s u	2 5 2. 8	2 8 4. 3
To l l ia b i l i ie ta t s	5. 1, 4 3 0	5 1, 4 8 0.
To l e i d l ia b i l i ie ta ty t q u a n s	2, 1 0 8. 6	2, 1 6 4. 2

Assets

• • Other assets increased from Sevan Louisiana mobilization
• • Cash impact from payment of debt service in January and March

Equity and Liabilities

• •Principle repayment on facility
• •Draw on revolving credit facility
• • Other non-current assets increase from related party offset by reduction in the buyer's allowance with Cosco

Integration Update

Operations

• •Utilization stable to previous quarter
• • Cost improved through integration
• Eliminated rental equipment
• Continuous repair, maintenance and eliminated end of well services
• Supply chain efficiencies
• Less costs for downtime related events

Newbuild Update

Sevan Louisiana

• •Arrived in the US Gulf 17 April
• •Received USD 32.5 million mobilization fee 13 May
• •Completed acceptance testing
• •Earned 8 days standby rate through acceptance testing
• •Delays relate to subsea equipment testing and repairs
• •Drilling commencement by end of May

Sevan Developer

• •95 percent complete
• •Currently in drydock fitting extended keel
• •Delivery expected third quarter 2014
• •Delays relate to equipment subcontractors to Cosco
• •Continuing project to meet expected delivery
• •Actively pursuing possible contracts

Concluding remarks

11

Summary & Outlook

• •First quarter reflects new management structure
• •Further improvements through the full integration
• •Sevan Louisiana commencing operations in May
• • Sevan Developer
• Construction is progressing according to plan, likely third quarter delivery
• Marketing effort ongoing, despite challenging short-term market
• Continue to evaluate all options for the rig

The pure-play ultra deepwater drilling company