SDRL - Seadrill to acquire the jack-up rig Petrojack IV

Hamilton, Bermuda, November 30, 2010 - Seadrill has today acquired the jack-up

drilling rig Petrojack IV from Petrojack IV Pte. Ltd., Singapore.

Petrojack IV was delivered from Jurong Shipyard, Singapore in January 2009 and

is currently operating for PTTEP offshore Thailand under a long-term contract.

Remaining contract period is 3.5 years, lasting until end second quarter 2014.

The total purchase price for the rig is approximately US$180 million. The

contract value for the 3.5 year remaining assignment is approximately US$165

million

The Petrojack IV, to be renamed West Cressida, is an advanced, high

specification jack-up drilling unit. The rig is based on the Baker Marine

Pacific Class 375 design. The rig has the capability to operate in water depths

up to 375 ft and drill to depths of 30,000ft. The BMC Pacific Class design has

higher variable deck load and a higher operating efficiency compared to previous

jack-up generations, while the size of the unit creates additional efficiencies

within areas such as logistics, off-line pipe handling and simultaneous

operations support.

Alf C Thorkildsen, Chief Executive Officer of Seadrill Management AS says, "We

continue to be optimistic on the market outlook for premium jack-up rigs.

Petrojack IV increases our exposure to this segment and adds earnings growth and

visibility at an attractive price. The long-term contract on the rig also

provides a good basis for an attractive debt financing."

Analyst contact:

Jim Dåtland

Vice President Investor Relations

Seadrill Management AS

+47 51 30 99 19

Media contact:

Esa Ikäheimonen

Chief Financial Officer

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#1466962]

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