Seadrill Limited — Investor Presentation 2014

Aug 27, 2014

Second quarter 2014

27 August 2014

Important information

This presentation and its enclosures and appendices (hereinafter jointly referred to as the "presentation") have been prepared by SevanDrilling ASA ("Sevan Drilling" or the "Company") exclusively for information purposes. This presentation has not been reviewed orregistered with any public authority or stock exchange. Recipients of this presentation may not reproduce, redistribute or pass on, in wholeor 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 itsown 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 nordelivery of this presentation shall under any circumstance create any implication that the information contained herein is correct as of anytime subsequent to the date hereof or that the affairs of the Company have not since changed, and the Company does not intend, anddoes 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-lookinginformation and statements are based on the current expectations, estimates and projections of Sevan Drilling or assumptions based oninformation available to the Company. Such forward-looking information and statements reflect current views with respect to future eventsand are subject to risks, uncertainties and assumptions. Sevan Drilling cannot give any assurance as to the correctness of such informationand statements.

An investment in the company involves risk, and several factors could cause the actual results, performance or achievements of theCompany to be materially different from any future results, performance or achievements that may be expressed or implied by statementsand 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 economicand 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 Companydoes 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 jurisdictionof Norwegian courts.

Second quarter highlights

Q2 Financial highlights

• Operating revenue USD 88.6 million
• Record EBITDA of USD 40.8 million
• Net profit USD 9.2 million
• \$0.02 Earnings per share
• Other highlights
• Fleet technical utilization 95% percent
• Sevan Louisiana 90% utilization in Q2 2014
• Sevan Developer 97 percent complete and delayed into October 2014

Financial Update

4

Income Statement

Un d ite d f ig in U S D i l l ion au ur es m	T hr hs t ee m on de d / / 3 0 0 6 2 0 1 4 en	T hr hs t ee m on de d / / 3 0 0 6 2 0 1 4 en
Op ing t er a re ve nu e	8 8. 6	6 3. 9
Op ing t er a ex p en se	-4 2. 4	3 6. 6 -
Ge l & dm in is ive tra t ne ra a ex p en se	6 -5	6. 8 -
Re ing tru tu s c r ex p en se	-0 1	-
De ia ion isa ion d im irm t t t t p re c am or a n p a en ,	-1 6. 5	1 5 -
Fo ig ha ( los ) /g in ion t re n e xc ng e s a - o p er a s	0. 3	0. 4 -
To l o ing ta t p er a ex p en se	-6 4. 3	5 8. 8 -
Op ing f it t er a p ro	2 4. 3	5. 1
F ina ia l e nc xp en se	-1 4. 4	4 0. 4 -
Fo ig ha los f ina ing re n e xc ng e s - nc	-	0. 2 -
Ne f ina ia l ite t nc m s	-1 4. 4	4 0. 6 -
Pr f it / ( los ) be fo ta o s re x	9. 9	5. 5 3 -
Ta inc / ( ) om e ex p en se x	-0 7	-
Ne f it / ( los ) t p ro s	9. 2	5. 5 3 -
S ( S ) E P U D ha p er s re
Ba ic d d i lu d te s an -	0. 0 2	0. 0 6 -

Improved operating performance from Q2 2013 Addition of Sevan Louisiana G&A improved by 18 percent Integration completed EBITDA at USD 40.8 million Q2 2013 release of deferred financing costsIncome statement

Balance sheet

Balance sheet items

Assets

• Addition of Sevan Louisiana inventory and receivables
• Additional CIP for Sevan Developer
• Cash reduced from mobilization, working capital turnover and debt service
• Equity and Liabilities
• Repayments of bank debt
• Draw on revolving credit facility
• Other non-current liabilities settlements

Un d ite d fig in U S D mi llio au ure s n	As at 30 /06 /20 14	As at 30 /06 /20 14
A S S ET S
Dr illi rig ng s	1, 97 0.1	1, 91 6.6
Ot r fi he d a ets xe ss	4.3	19 .2
Ot he nt ts r n on -cu rre as se	31 .6	40 .4
To ta l n nt ts on -c ur re as se	2, 00 6.0	1, 97 6.2
Inv ies tor en	41 .1	26 .9
Tra de d o the iva b les an r re ce	48 .9	32 .4
Ca h a nd h e iva len ts s ca s qu	30 .2	12 8.7
To ta l c nt ts ur re as se	12 0.2	18 8.0
To ta l a ets ss	2, 12 6.2	2, 16 4.2
Q E U ITY
S ha ita l re ca p	10 8.6	10 8.6
Ot he ity r e qu	57 4.2	57 5.1
To l e ity ta q u	68 2.8	68 3.7
LIA BIL ITI E S
No ion f b k b ing t p ort n-c urr en o an or row s	1, 12 9.1	1, 19 6.1
No t lo fro lat d p art n-c urr en an m re e y	45 .0	-
Ot he lia b ilit ies nt r n on -cu rre	0.1	0.1
To l n lia b ilit ies ta nt on -c ur re	1, 17 4.2	1, 19 6.2
Tra de d o the b les an r p ay a	56 .8	74 .5
Cu ion f b k b ing nt ort rre p o an or row s	13 6.2	17 3.1
Ot he t li b ilit ies r c urr en a	76 .2	36 .7
To l c lia b ilit ies ta nt ur re	26 9.2	28 4.3
To l li b ilit ies ta a	1, 44 3.4	1, 48 0. 5
To l e ity d lia b ilit ies ta q u an	2, 12 6.2	2, 16 4.2

Operational performance

• Fleet technical utilization 95% Q2
• 5 months bonus earned in Brazil
• Sevan Louisiana 90% utilization Q2 2014
• Average operating costs \$197,000 per day
• Higher costs through startupof Louisiana

Contract backlog *

Sevan Developer construction progress

• 97 percent complete
• Delivery indicated in October 2014
• Delays relate to equipment subcontractors to Cosco
• Continuing project management to meet expected delivery

Investment

Concluding remarks

12

Summary & Outlook

• Second quarter achievements continue to reflect impact of restructuring
• Three rigs operating and contracted through mid-2016
• Sevan Developer construction near complete
• Sevan Louisiana operational update
• Migration analysis continues and shareholder meeting to present proposal

The pure-play ultra deepwater drilling company