SDRL - Seadrill launches new mandatory offer for remaining shares in Scorpion

Hamilton, Bermuda, June 4, 2010 - On May 31, 2010, Seadrill Limited ("Seadrill")

announced the acquisition of a further 9,071,948 shares in Scorpion Offshore

Limited ("Scorpion") taking its total holding to 45,010,851 shares, representing

50.11 percent of the issued shares in Scorpion.

As a consequence of the above, Seadrill hereby announces a new mandatory offer

for all of the remaining shares in Scorpion as required by the Norwegian

Securities Trading Act (the "New Offer").

The offer price in the New Offer is NOK 40.50 per share.

The acceptance period for the New Offer expires on July 16, 2010, at 17:30 CET.

Settlement of the New Offer will take place on July 30, 2010 at the latest.

For more detailed information on Scorpion and Seadrill, please refer to the

Mandatory Offer document dated May 10, 2010 describing the original offer (the

"Original Offer") previously circulated to the shareholders in Scorpion and

available on www.seadrill.com and www.carnegie.no.

Shareholders in Scorpion are free to choose between the Original Offer and the

New Offer.

Shareholders who have not, as of today, accepted the Original Offer and who wish

to accept the New Offer are requested to use the acceptance form attached hereto

and submit this to Carnegie ASA before 17:30 CET on July 16, 2010.

Shareholders who have already submitted an acceptance form in relation to the

Original Offer will, unless they contact Carnegie ASA, be assumed to have

transferred their acceptance to the New Offer and will thus be entitled to

receive the offer price of NOK 40.50 per share on the terms of the New Offer.

Shareholders who wish to accept the Original Offer are requested to contact

Carnegie ASA.

This message will be mailed to all shareholders in Scorpion on record on June

1, 2010.

Analyst contact

Jim Daatland

VP Investor Relations

Seadrill Management AS

+47 51 30 99 19

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1421802]

AI assistant