Seadrill Limited — Interim / Quarterly Report 2015

May 28, 2015

First quarter 2015

28 May 2015

This presentation and its enclosures and appendices (hereinafter jointly referred to as the "presentation") have been prepared by Sevan Drilling ASA ("Sevan Drilling" or the "Company") and Sevan Drilling Ltd exclusively for information purposes. This presentation has not been reviewed or registered with any public authority or stock exchange. Recipients of this presentation may not reproduce, 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 recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice.

There may have been changes in matters which affect the Company subsequent to the date of this presentation. Neither the issue nor delivery of this presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed, and the Company does not intend, and does not assume any obligation, to update or correct any information included in this presentation.

This presentation includes and is based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on the current expectations, estimates and projections of Sevan Drilling or assumptions based on information available to the Company. Such forward-looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. Sevan Drilling 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 or achievements 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 or uncertainties associated with the Company's business, segments, development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this document. The Company does not intend, and does not assume any obligation, to update or correct the information included in this presentation.

This presentation is subject to Norwegian law, and any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of Norwegian courts.

First quarter highlights

Q1 Financial highlights

• Operating revenue USD 83.1 million
• EBITDA of USD 38.3 million
• Net profit USD 2.2 million
• Earnings per share at break-even

Other highlights

• Q1 fleet technical utilization 83% percent
• Operating cost reductions realized
• Global marketing efforts for Sevan Developer
• Annual general meeting completed 15 May

Company Update

Company update

Operational performance

• Q1 Fleet utilization 83%
• Sevan Driller 95%
• Sevan Brasil 72%
• Sevan Louisiana 81%
• Average OPEX \$151,000/day

From cost reductions and deferred non-critical maintenance

• 2014 at \$185,000 per day
• 2013 at \$210,000 per day

OPEX per day

Company update

Contract backlog *

* As of 31 March 2015

Financial Update

7

Income Statement

Unaudited figures in USD million	Three months ended 31/03/2015	Three months ended 31/03/2014
Operating revenue	83.1	60.1
Operating expense	-40.8	-33.9
General & administrative expense Restructuring expense	-4.1 0.0	-5.9 -2.2
Depreciation, amortisation and impairment Foreign exchange (loss)/gain - operations	-18.5 0.1	-14.9 -2.4
Total operating expense Operating profit	-63.3 19.8	-59.3 0.8
Financial expense	-17.4	-11.5
Net financial items Profit/(loss) before tax	-17.4 2.4	-11.5 -10.7
Tax income/(expense)	-0.2	0.3
Net profit/(loss)	2.2	-10.4
EPS (USD per share) - Basic and diluted	0.00	-0.02

Income statement

• Three rigs under contract in 2015
• Cost reduction initiatives
• General and administrative expense reduced
• Restructure completed in 2014
• Net financial items higher due
• No capitalized interest in 2015
• Revolving credit facility interest
• Offset by lower interest cost on bank facility
• USD 2.2 million profit

Balance sheet

Balance sheet items

Assets

• − Cash and cash equivalents at USD 39.3 million
• − Improved accounts receivable collections
• Equity and Liabilities
• − Bank facility outstanding balance at USD 1,190 million
• − RCF outstanding balance at USD 140 million

	As at 31 March	As at 31 December
Unaudited figures in USD million	2015	2014
ASSETS
Drilling rigs	1,824.2	1,833.8
Other fixed assets	0.9	1.1
Other non-current assets	22.0	24.9
Total non-current assets	1,847.1	1,859.8
Inventories	49.0	46.5
Trade and other receivables	40.1	55.1
Cash and cash equivalents	39.3	30.2
Total current assets	128.4	131.8
Total assets	1,975.5	1,991.6
EQUITY
Share capital	108.6	108.6
Other equity	451.2	449.1
Total equity	559.8	557.7
LIABILITIES
Non-current portion of bank borrowings	1,038.4	1,073.0
Non-current loan from related party	140.0	115.0
Other non-current liabilities	0.9	0.4
Total non-current liabilities	1,179.3	1,188.4
Trade and other payables	35.9	41.0
Current portion of bank borrowings	134.1	133.0
Other current liabilities	66.4	71.5
Total current liabilities	236.4	245.5
Total liabilities	1,415.7	1,433.9
Total equity and liabilities	1,975.5	1,991.6

Closing remarks

Closing Remarks

• Annual general meeting held 15 May 2015
• All proposals were approved by the shareholders
• Migration of parent company function expected at end of June
• Listing of Sevan Drilling Ltd on Oslo Børs approved 26 May
• Share capital distribution to effect the same ownership in the new parent company on the day of the listing
• SEVDR ticker symbol will remain the same throughout
• Last steps in the restructuring plan include Migration and final decisions regarding the former parent company (post migration)

The pure-play ultra deepwater drilling company