Seadrill Limited — Management Reports 2010

Feb 26, 2010

SEADRILL(OSE: SDRL)FLEET STATUS REPORT

Rig /Na ty pe me	Ge atio n/ ner 4 typ e	Bu ilt	Wa de th ter p ( fee t)	Dri llin dep th g ( fee t)	Loc atio Cli n	ent		Cu nt c rre	ont t rac	Pre vio us
							Sta rt	Ex ire p	Da te yra \$ US	Da te yra \$ US
Se mi- bm ible su ers s
We st A lp ha	4th -HE	198 6	2, 000	23, 000	No rwa y	Co rtiu nso m	Ma 09 y-	Jun -12	485 000 ,	473 000 ,
We st V ent ure	5th -HE	200 0	6, 000	30, 000	No rwa y	5 Sta toil	Feb -00	Jul -11	267 000 ,	-
1 We st P hoe nix	6th -HE	200 8	10, 000	30, 000	No rwa y	5 Tot al	Jan -09	Jan -12	529 000 ,	-
We st E min enc e	6th -HE	200 9	10, 000	30, 000	Bra zil	10 Pet rob ras	Jul -09	Jul -15	615 000 ,	-
We st H ule erc s	6th -HE	200 8	10, 000	35, 000	Ch ina	6 Hu sky	No v-0 8	No v-1 1	531 000 ,	-
We st A rius qua	6th -HE	200 9	10, 000	35, 000	Wo rldw ide - I ndo ia nes	7 Exx on	Feb -09	Feb -13	529 00 ,5	-
2 We st S iriu s	5th -BE	200 8	10, 000	35, 000	Gu lf O f M exi co	De von	Jul -08	Jul -14	473 000 ,	-
We st T aur us	5th -BE	200 8	10, 000	35, 000	Bra zil	10 Pet rob ras	Feb -09	Feb -15	647 000 ,	-
st O We rion	5th -BE	2Q 10	10, 000	35, 000	Un der nst tion at Jur co ruc ong	10 Pet rob ras	Ap r-10	Jun -10	Mo biliz atio n	-
					Bra zil	10 Pet rob ras	Jul -10	Jul -16	615 000 ,	-
We st C ico apr rn	5th -BE	4Q 11	10, 000	35, 000	Un der nst tion at Jur co ruc ong	-	-	-	-	-
Dri llsh ips
We st N avi tor ga	Ultr a-d ter eep wa	200 0	7,5 00	35, 000	No rwa y	5 Sh ell	Jan -09	De c-1 2	594 000 ,	246 000 ,
We st P ola ris	Ultr a-d ter eep wa	200 8	10, 000	35, 000	Wo rldw ide - B il raz	8 Exx on	Oc t-08	Oc t-1 1	559 000 ,	-
					Wo rldw ide	8 Exx on	Oc t-1 1	Oc t-12	614 000 ,	559 000 ,
We st C lla ape	Ultr a-d ter eep wa	200 8	10, 000	35, 000	Nig eria	9 Tot al	Ap r-09	Ap r-14	546 000 ,	-
We st G ini em	Ultr a-d ter eep wa	2Q 10	10, 000	35, 000	Un der nst tion at Sa co ruc ms ung	13 N/A	Jul -10	Se 10 p-	Mo biliz atio n	-
					We st A fric a		Se 10 p-	Se 12 p-	445 000 ,	-
					Op tion - 1 xte ntio ye ar e n		Se 12 p-	Se 13 p-	445 000 ,	445 000 ,
Jac k-u ps
We st E ilon ps	He -du ty - HE avy	199 3	400	30, 000	No rwa y	5 Sta toil	Oc t-06	De c-1 0	325 000 ,	147 ,5 00
We st T rito n	BE	200 8	375	30, 000	So uth t A sia eas	Tw inz a	Ap r-10	Ma 10 y-	116 000 ,	175 000 ,
					So uth t A sia eas		Jun -10	Se 10 p-	140 000 ,	116 000 ,
We st P ros per o	BE	200 7	400	30, 000	Eas t A fric a	RS PO C	Jan -10	Jul -10	196 000 ,	-
We st A riel	BE	200 8	400	30, 000	Vie tna m	VS P	-09 Jan	09 Au g-	187 000 ,	-
					Vie tna m	VS P	Au 09 g-	Oc t-10	142 000 ,	187 000 ,
We st J anu s	BE	198 5	330	21, 000	Ma lay sia	PC PP OC	Au 08 g-	Au 11 g-	149 ,5 00	185 000 ,
We st L aris sa	BE	198 4	300	21, 000	Vie tna m	VS P	Ma r-09	De c-0 9	126 000 ,	183 ,5 00
						VS P	Jan -10	De c-1 0	114 000 ,	126 000 ,
We st C alli sto	BE	3Q 10	400	30, 000	Un der nst tion at KF ELS co ruc	Pre mie r	Jul -10	Ap r-1 1	119 ,5 00	-
We st J uno We st L eda	BE BE	4Q 10 3Q 10	400 375	30, 000 000	ELS -Se Un der nst tion at KF adr ill h co ruc Un der tion PP nst at	tion t to tak e d eliv as an op no ery			-	-
				30,	L co ruc				-	-

SEADRILL(OSE: SDRL)FLEET STATUS REPORT

Rig ty /Na pe me	Ge atio n/ ner 3	Bu ilt/	Wa ter de th p	Dri llin dep th g	Loc atio n	Cli ent	Cu ont t rre n c rac			Pre vio us
	typ e	Up ded gra	( fee t)	( fee t)			Sta rt	Ex ire p	Da te yra US \$	Da te yra US \$
Te nde r ri gs
3 T3	Ba rge	198 0	410	20, 000	Tha ilan d	PT T	Jul -08	Jun -12	83, 000	58, 000
T4	Ba rge	198 1	410	20, 000	Tha ilan d	Ch evr on	Jul -08	Jul -13	101 000 ,	48, 000
3 T6	Ba rge	198 2	410	20, 000	Tha ilan d	CP OC /Ca riga li/P TT EP	De c-0 7	De c-1 0	102 000 ,	68, 000
T7	Ba rge	198 3	410	20, 000	Tha ilan d	Ch evr on	No v-0 6	Oc t-1 1	64, 500	40, 000
T8	Ba rge	198 2	410	20, 000	Na mib ia - cke d sta wa rm				-	125 000 ,
3 T9	Ba rge	200 4	6,5 00	30, 000	Ma lay sia	Exx on	Jan -09	Jan -12	134 ,5 00	115 000 ,
3 T10	Ba rge	200 7	6,5 00	30, 000	JDA -Gu lf o f T hai lan d	Ca riga liHe ss	Se 07 p-	Au 10 g-	90, 000	-
T1 1	Ba rge	200 8	6,5 00	30, 000	Tha ilan d	Ch evr on	Ma 08 y-	Ma 13 y-	134 00 ,5	-
T12	Ba rge	1Q 10	6,5 00	30, 000	Un der nst tion co ruc	PT TE P	Ap r-10	Ap r-1 1	91, 000	-
3 Te kni k B erk at	Ba rge	199 0	410	20, 000	Ma lay sia	Pet asC arig ali ron	Ap r-08	Ap r-12	125 ,5 00	72, 000
We st A llia nce	Se mi- sub rsib le me	200 1	6,5 00	30, 000	Ma lay sia	Sh ell	Jan -08	Jan -10	99, 000	76, 000
					So uth t A sia eas		Jan -10	Jan -15	169 000 ,	99, 000
We st B ni era	Se mi- sub rsib le me	200 6	6,5 00	30, 000	Ind sia one	Co oP hill ips noc	Jan -09	De c-1 1	164 000 ,	126 000 ,
We st M ena ng	Se mi- sub rsib le me	199 9	6,5 00	30, 000	Na mib ia - sta cke d wa rm	Tot al	Jul -09	De c-1 0	99, 000	164 000 ,
We st P ela ut	Se mi- sub rsib le me	199 4	6,5 00	30, 000	Bru nei	Sh ell	Ap r-09	Ma r-12	140 000 ,	67, 000
We st S etia	Se mi- sub rsib le me	200 4	6,5 00	30, 000	An la go	Ca bin da Gu lf O il C /Ch om pan y evr on	Au 09 g-	Au 12 g-	165 ,5 00	165 000 ,
We st V edo enc r	Se mi- sub rsib le me	1Q 10	6,5 00	30, 000	Un der nst tion at KF ELS co ruc	12 Tra nsi t	Feb -10	Ma r-10	Mo biliz atio n	-
						12 Ca bin da Gu lf O il C /Ch om pan y evr on	r-10 Ap	r-15 Ap	211 000 ,	-
We st B ni I II era	Se mi- sub rsib le me	1Q 11	6,5 00	30, 000	Un der nst tion at KF ELS co ruc	-	-	-	-	-

Footnotes:

1) Mobilization fee of US\$32.5 million and will be taken to income over the contract period.

2) For West Sirius a mobilization fee of US\$29.9 million will be booked as income over the contract period.

3) Owned by Varia Perdana in which Seadrill controls 49 percent.

4) HE - Harsh environment BE - Benign environment

5) Dayrates partly received in Norwegian kroner. Assumed NOK/USD foreign exchange rate 5.75.

6) For West Hercules a mobilization fee of US\$20 million is taken to income over the three year contract period.

7) For West Aquarius a mobilization fee of US\$8.2 million is taken to income over the contract period.

8) Mobilization fee of US\$23.2 million plus fuel for West Polaris is be taken to income over the contract term.

9) For West Capella a mobilization fee of US\$24.2 million will be taken to income over the contract term.

10) Dayrate include 5% performance bonus as well as estimated compensation for taxes and is partly received in Brazilian Real. The mobilization fee of US\$39.5 million plus compensation for fuel is taken to income over the contract term.

11) Mobilization fee of US\$8.5 million will be taken to income over the contract period for West Setia.

12) Mobilization and demobilization fees of US\$20 million will be taken to income over the contract period for West Vencedor.

13) Mobilization fee of US\$19.3 million will be taken to income over the contract period for West Gemini

SEADRILL(OSE: SDRL)FLEET STATUS REPORT

The information contained in this Fleet Update report (the "Information") is as of the date of the report only and is subject to change without notice to the recipient. Seadrill Limited assumes no duty to update any portion of the Information.

DISCLAIMER. NEITHER SEADRILL LIMITED NOR ITS AFFILIATES MAKE ANY EXPRESS OR IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE) REGARDING THE INFORMATION CONTAINED IN THIS REPORT, WHICH INFORMATION IS PROVIDED "AS IS."

No Unauthorized Publication or Use. All information provided by Seadrill Limited in this report is given for the exclusive use of the recipient and may not be published, redistributed or retransmitted without the prior written consent of Seadrill Limited.

Client Contract Duration, Timing and Dayrates and Risks Associated with Operations. The duration and timing (including both starting and ending dates) of the client contracts are estimates only, and client contracts are subject to cancellation, suspension and delays for a variety of reasons, including some beyond the control of Seadrill Limited. Also, the dayrates set forth in the report are estimates based upon the full contractual operating dayrate. However, the actual average dayrate earned over the course of any given contract will be lower and could be substantially lower. The actual average dayrate will depend upon a number of factors (rig downtime, suspension of operations, etc.) including some beyond the control of Seadrill Limited. Our client contracts and operations are generally subject to a number of risks and uncertainties, and we urge you to review the description and explanation of such risks and uncertainties in previous prospectus. The dayrates do not include revenue for mobilizations, demobilizations, upgrades, shipyards or recharges.