Seadrill Limited — Regulatory Filings 2017

Feb 22, 2017

SDRL - Seadrill Limited Reschedules Fourth Quarter 2016 Earnings Release and Conference call

SDRL - Seadrill Limited Reschedules Fourth Quarter 2016 Earnings Release and Conference call

Hamilton, Bermuda, February 22, 2017 - Seadrill Limited ("Seadrill" or "the

Company") announces it has rescheduled its fourth quarter and preliminary 2016

results and conference call to Tuesday, February 28, 2017 at 12:00pm EST /

5:00pm GMT to provide additional time for the Company to complete its review of

the accounting for the Company's interest rate and cross currency hedges.

The Company has determined that a restatement of its 2015 financial statements

is required to correctly reflect US GAAP fair value accounting principles

applied to the Company's interest rate and cross currency swap portfolio.  The

net impact of these non-cash adjustments to the Company's 2015 financial

statements is expected to increase shareholders equity in the range of $100 to

150 million.

The net impact of these non-cash adjustments to the Company's 2016 financial

statements up to and including the third quarter is expected to be an increase

to shareholders equity in the range of $20 to 60 million.

These changes are not expected to have an impact on compliance with the

Company's financial covenants for prior or current periods.

The Company has determined that there was a material weakness in the Company's

internal controls over financial reporting relating to its accounting for these

interest rate and cross currency hedges.  These expected adjustments should be

considered when reviewing previously reported financial results for the year

ended December 31, 2015 and through the third quarter of 2016.

FORWARD LOOKING STATEMENTS

This news release includes forward looking statements. Such statements are

generally not historical in nature, and specifically include statements about

the Company's plans, strategies, business prospects, changes and trends in its

business and the markets in which it operates. These statements are made based

upon management's current plans, expectations, assumptions and beliefs

concerning future events impacting the Company and therefore involve a number of

risks, uncertainties and assumptions that could cause actual results to differ

materially from those expressed or implied in the forward-looking statements,

which speak only as of the date of this news release. Consequently, no forward-

looking statement can be guaranteed. When considering these forward-looking

statements, you should keep in mind the risks described from time to time in the

Company's filings with the Securities and Exchange Commission, including its

Annual Report on Form 20-F (File No. 001-34667). You should also keep in mind

the risks related to the finalization of the expected restatement and the steps

the Company will take to address the material weakness in its internal controls

over financial reporting. The Company undertakes no obligation to update any

forward looking statements to reflect events or circumstances after the date on

which such statement is made or to reflect the occurrence of unanticipated

events. New factors emerge from time to time, and it is not possible for the

Company to predict all of these factors. Further, the Company cannot assess the

impact of each such factor on its business or the extent to which any factor, or

combination of factors, may cause actual results to be materially different from

those contained in any forward looking statement.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.