Seadrill Limited — Investor Presentation 2014

Nov 26, 2014

Rig e/N typ ame	ion/ Gen erat	Buil t	dep th Wa ter	Dril ling dep th (fee t)	tion Loca			Prev ious
	e 1 typ		(fee t)				Cur rent trac t con
						Clie nt	Star t	ire Exp	\$ Day rate US	\$ Day rate US
Sem i-su bme rsib les
2 lpha We st A	4th- HE	198 6	2,00 0	23,0 00	Nor way	bil 5 , 28. 3 5 Exxo nMo	Jan- 14	Jul- 16	523 ,000	479 ,000
					Rus sia, Kara Sea	5, 28, 35 efte Karm orn gaz	Jun -14	Jul- 16	539 ,000	-
					ion Opt	5, 28 Karm efte orn gaz	Aug -16	Jul- 17	539 ,000	-
					Rus sia	36 neft Ros	Aug -17	Jul- 22
2 We st V ent ure	5th- HE	200 0	2,60 0	30,0 00	Nor	oil 5 Stat	Aug -10	Jul- 15	- 431 ,000	268 ,000
2 We st P hoe nix	6th- HE	200 8	10,0 00	30,0 00	way UK	tal 7 To	Jan- 12	Sep -15	465	544
les We st H ercu	6th- HE	200 8	10,0 00	35,0 00	/Ca nad Nor way a	oil 5 Stat	Jan- 13	Jan- 17	,000 503 ,000	,000 495 ,000
					Opt ion	oil 5 Stat	Jan- 17	Jan- 18	503 ,000	-
3 We st S irius	6th- BE	200 8	10,0 00	35,0 00	USA	BP	Jul- 14	Jul- 19	535 ,000	490 ,173
We st T aur us	6th- BE	200 8	10,0 00	35,0 00	il Braz	as 2 7, 8 obr Petr	Feb -09	Feb -15	659
We st E min enc e	6th- HE	200 9	10,0 00	30,0 00	il Braz	as 2 7, 8 obr Petr	Jul- 09	Jul- 15	,098 626	-
3 We st A rius	6th- HE	200 9	10,0 00	35,0 00	Can	Exxo nMo bil	Jan- 13	Oct -15	,790 540	- 530
qua					ada ada Can	bil Exxo nMo	Oct -15	Apr	,000 615	,000
r 4 rille Sev an D	6th- BE	200 9	10,0 00	40,0 00	Braz il	as 8 obr Petr	May -10	-17 Jun -16	,000 409	-
We st O rion	6th- BE	201 0	10,0 00	35,0 00	Braz	as 2 7, 8 obr Petr	Jul- 10	Jul-	,382 626	-
	6th-				il	EX 1 3 PEM		16	,790	-
We st P ega sus	HE	201 1	10,0 00	35,0 00	ico Mex	3 EX 1	Aug -14	Aug -15	467 ,500	555 ,000
3					Mex ico	PEM 0	Aug -15	Aug -16	Mar ket Rate
We st C apri corn	6th- BE	201 1	10,0 00	35,0 00	USA	BP 1	Jul- 12	Sep -17	494 ,958	-
We st E clip se	6th- BE	201 1	10,0	40,0	Opt ion Ang	BP Tota l	Sep -17 Jan-	Aug -19 Jun	494 ,958 450	- 435
eo 3 We st L	6th- HE	201 2	00 00	00 00	ola Gha	Oil 1 8, 32 Tull	14 Jun -13	-15 Jul- 18	,000 605	,000 525
l 4 Sev an B rasi	6th-		10,0	35,0	na	ow as 8 Petr obr	Jul-	Jul-	,000	,000
4	BE	201 2	10,0 00	40,0 00	il Braz	G 17	12	18	430 ,540	-
Sev an L ouis iana	6th- BE	201 3	10,0 00	40,0 00	USA	LLO 23	May -14	May -17	350 ,000	-
We st M ira 2	6th- HE	1Q1 5	10,0 00	40,0 00	Und tion at H dai truc er c ons yun	ky Hus 36	Jun -15	Jun -20	590 ,000	-
igel We st R 1	6th- HE	2Q1 5	10,0 00	40,0 00	Und tion at J truc er c ons uro ng	neft Ros	Aug -15	Aug -20	-	-
r 4, 3 Sev an D lope eve	6th- BE	Q41 5	10,0 00	40,0 00	Und tion truc at C OSC O er c ons	-	-	-	-	-
Dril lshi ps
2 We st N avig ator	Ultr a-de ater	200 0	7,50 0	35,0 00	Nor	trica rgi N Cen Ene UF	Oct -14	Dec -14	610	589
	epw				way Rus sia	36 neft Ros	Jul- 15	Jun -20	,000	,000
olar We st P is	Ultr a-de	200 8	00	00		bil 3 3 Exxo nMo	Mar -13	Mar -18	- 655	628
lla 3	ater epw		10,0	35,0	ola Ang				,736	,000
We st C ape	Ultr a-de ater epw	200 8	10,0 00	35,0 00	Nige ria	bil Exxo nMo l 33	Apr -14	Apr -17	627 ,500	562 ,120
We st G emi ni	Ultr a-de ater epw	201 0	10,0 00	35,0 00	Ang ola	Tota 5	Oct -13	Oct -17	656 ,000	447 ,000
a 3 We st A urig	Ultr a-de ater epw	201 3	12,0 00	40,0 00	USA	BP 2	Oct -13	Oct -20	565 ,000	-
3 We st V ela	Ultr a-de ater epw	201 3	12,0 00	40,0 00	USA	BP 2 4	Nov -13	Nov -20	565 ,000	-
ellu We st T s	Ultr a-de ater epw	201 3	12,0 00	40,0 00	Palm Las as	Palm Las as	-	-	-	635 ,000
We st N ept une	Ultr a-de ater epw	201 4	12,0 00	40,0 00	Und tion at S truc er c ons ams ung	iod Tra nsit per G 9	Aug -14	Dec -14	Mob iliza tion	-
We st S atur	Ultr a-de	201	12,0	40,0	USA Und truc tion at S	LLO Tra nsit	Dec -14	Dec -17 Dec	570 ,000 Mob iliza	-
n	ater epw	4	00	00	er c ons ams ung	iod per bil 1 1, 37 Exxo nMo	Aug -14	-14	tion	-
We st Ju	Ultr a-de	201 4			Nige ria Und tion truc at S	nsit iod Tra	-14 Dec	-16 Dec Dec	633 ,750 Mob iliza	-
pite r	ater epw		12,0 00	40,0 00	er c ons ams ung Nige ria	per l Tota	Sep -14 Dec -14	-14 Dec	tion 567	-
We st C arin a	Ultr a-de ater epw	1Q1 5	12,0 00	40,0 00	Und truc tion at S er c ons ams ung	-	-	-19 -	,000 -	-
We st D raco	Ultr a-de ater epw	4Q1 5	12,0 00	40,0 00	Und tion at S truc er c ons ams ung	-	-	-	-	-
We st D orad o	Ultr a-de ater epw	4Q1 5	12,0 00	40,0 00	Und tion at S truc er c ons ams ung	-	-	-	-	-
We st A quil a	Ultr a-de ater epw	4Q1 5	12,0 00	40,0 00	Und tion at D SME truc er c ons	-	-	-	-	-
We st L ibra	Ultr a-de ater epw	4Q1 5	12,0 00	40,0 00	Und tion at D SME truc er c ons	-	-	-	-	-

e/N Rig typ ame	ion/ Gen erat	Buil t	Wa dep th ter (fee t)	Dril ling dep th (fee t)	Loca tion			ious Prev
	e 1 typ						Cur rent trac t con
						Clie nt	Star t	Exp ire	\$ Day US rate	\$ Day US rate
Jack -up s
n 2 psilo We st E	vy-d Hea - HE uty	199 3	400	30,0 00	Nor way	oil 5 Stat	Dec -10	Dec -16	278 ,000	320 ,000
2 We st E lara	vy-d Hea uty - HE	201 1	450	40,0 00	Nor way	oil 5 , 12 Stat	Mar -12	Mar -17	351 ,000	-
					Opt ions	oil 5 Stat	Mar -17	Mar -19	351 ,000	-
2 We st L inus	Hea vy-d - HE uty	201 4	450	40,0 00	Nor way	5, 30, 14 Phil lips Con oco	May -14	May -19	365 ,000
					Opt ions	5 Con Phil lips oco	May -19	May -21	365	-
efen der We st D	BE	200 7	350	30,0 00	Mex ico	PEM	Sep -14	Sep -20	,000 155 ,500	- 136 ,458
lute We st R eso	BE	200 7	350	30,0 00	di A rabi a / K Sau uwa	EX 16 KJO	Oct -12	Oct -15	140	135
					it Opt ion	KJO	Oct	Oct	,000 140	,000
We st P rosp ero	BE	200 7	400	30,0 00	Mal aysi	din Lun	-15 May -14	-16 May -16	,000 155 ,700	- 163 ,000
We st C our age ous	BE	200 7	350	30,0 00	a Mex ico	PEM EX	Sep -14	Jul- 21	155 ,500	150 ,000
We st T rito n	BE	200 8	375	30,0 00	di A rabi a / K Sau it uwa	15 KJO	Aug -12	Nov	145	119
igila We st V nt	BE	200 8	350	30,0 00	Mal aysi	Tali sma n	Nov -13	-14 Nov -14	,000 167 ,000	,500 146 ,000
					a		Nov -14	Nov -16	140 ,000
We st In id trep	BE	200 8	350	30,0 00	Mex ico	PEM EX	May -14	Jan- 21	155 ,500	180 ,000
We st A riel	BE	200 8	400	30,0 00	Rep ubli c of Con go	ENI	Aug -14	Aug -16	205 ,000	170 ,000
We st C ida ress	BE	200 9	375	30,0 00	Sing apo re	Sing apo re	-	-	-	155 ,000
We st F reed om	BE	200 9	350	30,0 00	Ven ela ezu	Car don IV	Oct -14	Apr -17	225 ,000	187 ,000
We st C allis to	BE	201 0	400	30,0 00	Sau di A rabi a	co 1 9 di A Sau ram	Nov -12	Nov -15	150 ,000	134 ,900
					Opt ion	Sau di A ram co	Nov -15	Nov -16	150 ,000	-
We st L eda	BE	201 0	375	30,0 00	Mal aysi a	Exxo nMo bil	Mar -14	Mar -15	165 ,000	138 ,000
					Viet nam	C JVP	-15 Apr	Jul- 15	156 ,158
isch ief We st M	BE	201 0	350	30,0 00	ubli c of Rep Con go	ENI	Dec -12	Dec -14	175 ,000	-
					ubli c of Rep Con go	ENI	Dec -14	Apr -15	195 ,000	-
AOD l	BE	201 3	400	20,0 00	Sau di A rabi a	co 2 2 Sau di A ram	May -13	May -16	180 ,000	-
					ion Opt	di A Sau ram co	May -16	May -17	205 ,000	-
AOD ll	BE	201 3	400	20,0 00	Sau di A rabi a	co 2 1 di A Sau ram	Jul- 13	Jun -16	180 ,000	-
					Opt ion	Sau di A ram co	Jul- 16	Jun -17	205 ,000	-
AOD lll	BE	201 3	400	20,0 00	Sau di A rabi a	co 2 0 di A Sau ram	Oct -13	Oct -16	180 ,000	-
					Opt ion	Sau di A ram co	Oct -16	Oct -17	205 ,000	-
We st T uca na	BE	201 3	400	30,0 00	Viet nam	PVE P	Mar -14	Feb -15	167 ,000	164 ,000
					In T it rans	Tra nsit Per iod	Feb -15	May -15	Mob iliza tion	-
					ola Ang	Cab ina Gulf Oil y Li mite d Com pan	May -15	May -17	220 ,000	-
eles We st T to	BE	201 3	400	30,0 00	Viet nam	Prem ier	Jul- 14	Dec -14	156 ,975	149 ,500
					In T it rans	iod Tra nsit Per	Dec -14	Jan- 15	Mob iliza tion	-
					tral Aus ia	d Orig in E y Li mite nerg	Jan- 15	May -15	265 ,000	-
					Aus tral ia	Car on H ibisc us P ty L td narv	May -15	Jun -15	265 ,000
We st C asto r	BE	201 3	400	30,0 00	Bru nei	She ll	Dec -13	May -16	155 ,000	-
We st O bero n	BE	201 3	400	30,0 00	Mex ico	PEM EX	May -14	May -20	171 ,500	-
We itan ia st T	BE	201 4	400	35,0 00	On Loca tion	EX PEM	-	-	-	-
itan We st T	BE	1Q1 5	400	30,0 00	Und tion alia truc at D er c ons n	-	-	-	-	-
We st P rote us	BE	2Q1 5	400	30,0 00	Und alia truc tion at D er c ons n	-	-	-	-	-
hea We st R	BE	3Q1 5	400	30,0 00	Und alia truc tion at D er c ons n	-	-	-	-	-
ethy We st T s	BE	4Q1 5	400	30,0 00	Und alia tion at D truc er c ons n	-	-	-	-	-
We st H rion ype	BE	4Q1 5	400	30,0 00	Und tion at D alia truc er c ons n	-		-	-	-
We st U mbr iel	BE	1Q1 6	400	30,0 00	Und tion at D alia truc er c ons n	-	-	-	-	-
We st D ione	BE	2Q1 6	400	30,0 00	Und tion at D alia truc er c ons n	-	-	-	-	-
ima We st M s	BE	3Q1 6	400	30,0 00	Und tion alia truc at D er c ons n	-	-	-	-
HE-J U TB N I	Hea vy-d - HE uty	201 7	450	40,0 00	Rus sia	36 neft Ros	Q4- 17	Q4- 22	-
HE-J U TB N II	vy-d Hea - HE uty	201 7	450	40,0 00	Rus sia	36 neft Ros	Q1- 18	Q1- 23	-

Rig e/N typ ame	ion/ Gen erat e 1 typ	Buil t	dep th Wa ter (fee t)	Dril ling dep th (fee t)	tion Loca
							Cur rent trac t con			Prev ious
						Clie nt	Star t	ire Exp	\$ Day rate US	\$ Day rate US
Ten der rigs
3 T15	Barg e	201 3	6,50 0	30,0 00	Tha ilan d	Che vro n	Jul- 13	Jul- 18	122 ,723	-
3 T16	Barg e	201 3	6,50 0	30,0 00	Tha ilan d	Che vro n	Aug -13	Aug -18	121 ,268	-
r 3 We st V edo enc	i-te nde Sem r	201 0	6,50 0	30,0 00	ola Ang	26, 6 ny/C Cab inda Gu lf O il Co hev mpa ron	Mar -10	Mar -15	218 ,000	-

Footnotes:1) HE - Harsh environment BE - Benign environment2) Owned by North Atlantic Drilling Ltd in which Seadrill Limited owns 70.4 percent3) Owned by Seadrill Partners in which Seadrill Limited owns 46.6 percent4) Owned by Sevan Drilling Ltd in which Seadrill Limited owns 50.1 percent5) Daily rates partly received in Norwegian kroner. Assumed NOK/US\$ foreign exchange rate 6.56) 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 1.658) Daily rates partly received in Brazilian Real. Assumed US\$/BRZ foreign exchange rate 2.209) For West Neptune a mobilization fee of US\$37.5 million will be taken to income over the contract period. 10) For West Capricorn the dayrate includes the mobilization fee of US\$30 million which will be received during the contract period.11) For West Saturn a mobilization fee of US\$35 million will be received upfront12) 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) For West Triton a mobilization fee of US\$18 million will be taken to income over the contract period.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 upfront18) 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 upfront22) For AOD l a mobilization fee of US\$39.5 million was received upfront23) For West Mira a mobilization fee of US\$40 million will be taken to incomce over the contract period.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) For West Vencedor a mobilization and demobilization fees of US\$20 million is taken to income over the contract period.27) 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.28) Excludes potential bonus payments of maximum 5% of the daily rate, which are based on certain performance criteria.29) Daily rates do not inlcude mobilization fee30) For West Linus we will receive an additional compensation of US\$12,430 per day over the initial 5 year contract period.31) 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 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. 50% of 5% bonus potential is included in the daily rate.34) Estimated average dayrate for the contract period.35) Karmorneftegaz is the counterparty for operations in Russia and ExxonMobil is the counterparty for operations in Norway for the fixed term contract period from June 2014 to July 2016

36) Subject to mutual right to cancellation before May 31, 2015

37) An element of the daily rate will be payable to our JV partner by ExxonMobil

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.