Seadrill Limited - Major Shareholding Notification 2014

SDRL - Seadrill reduces stake in SapuraKencana Petroleum Bhd

Hamilton, Bermuda, April 9, 2014 - Seadrill Limited ("Seadrill") has sold 230

million shares of SapuraKencana raising approximately US$300 million in

proceeds. The total economic gain realized from this sale is approximately

US$165 million. Following the completion of this transaction Seadrill will

continue to own approximately 490 million shares, representing an approximate

8% ownership stake in SapuraKencana. Tor Olav Trøim will continue to serve as a

board member of SapuraKencana with John Fredriksen as an alternate director.

On April 30, 2013 Seadrill increased its ownership stake in SapuraKencana to

12% as a result of the integration of its tender rig business into

SapuraKencana. The target was to develop a strong leading player in the Far East

integrated service market. Since completion of this transaction, SapuraKencana

has made significant progress integrating the two businesses and taking delivery

of an additional 3 tender rigs under construction at the time of the

transaction. This progress has partly been reflected in the positive share price

development.

Seadrill remains a long-term strategic investor in SapuraKencana and, in

connection with the sale, has entered into a lock up agreement for its remaining

shares until the end of 2014. Seadrill will continue to support SapuraKencana's

strategy of growing its broad offshore service portfolio. SapuraKencana has

strengthened its position in the Asian market and has significant international

growth opportunities. SapuraKencana's position as an integrated service

provider and upstream leaseholder creates a competitive advantage in the

region. Having acquired Seadrill's tender rig assets, SapuraKencana is in an

ideal position to serve field developments on a global basis as well.

John Fredriksen, Chairman, President and Director of Seadrill says in a comment,

"We are very pleased with the progress to date of our partnership with

SapuraKencana, both in the integration of the tender rig business and in the

development of our successful PLSV joint venture in Brazil. We are today working

together on several new businesses with the target of creating new growth

opportunities supported by long term contracts. Our support for one of our

closest partners is unwavering and we look forward to many years of future

cooperation."

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1775988]

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