Seadrill Limited - Information regarding the mandatory offer for all outstanding shares in Scorpion

Hamilton, Bermuda, July 15, 2010

- Reference is made to Seadrill Limited's ("Seadrill") mandatory offer to

purchase all of the shares in Scorpion Offshore Ltd. ("Scorpion") at NOK40.50

per share expiring on Friday, July 16, 2010 (the "Offer").

Seadrill has received acceptances of the Offer totaling 30,474,619 shares. This

will, together with the shares already owned by Seadrill in Scorpion, take

Seadrill's total holding of Scorpion shares to 75,485,470, representing

approximately 84 percent of all of the issued shares in Scorpion.

Seadrill hereby announces that it will perform settlement of the Offer on the

forthcoming Wednesday, July 21. As such, all Scorpion shareholders accepting the

Offer should have the funds available on their respective bank accounts shortly

thereafter.

The directors of Scorpion not affiliated to Seadrill have agreed to resign

voluntary from their positions on the date Seadrill execute the settlement of

the Offer.

Seadrill will from the same date have full operational control of Scorpion.

Seadrill intends to integrate the activities of Scorpion with its own as soon as

possible and intend, as a consequence of being the holder of the vast majority

of Scorpion shares, call a shareholders meeting in Scorpion and propose to this

that the Scorpion shares are delisted from the Oslo Stock Exchange.

In view of the above Seadrill urges all shareholders in Scorpion not yet having

accepted the Offer to do the same by the deadline on Friday at 17:30 CET this

week.

Seadrill is not bound to maintain the Offer following this date and cannot

guarantee that it will purchase further shares at the price level reflected in

the Offer.

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

(Norwegian Securities Trading Act)

[HUG#1432001]

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