Seadrill Limited — Share Issue/Capital Change 2010

Aug 17, 2010

SDRL - Seadrill subsidiary Seawell Limited completes share issue

Hamilton, Bermuda, August 17, 2010 - The Seadrill Limited subsidiary Seawell

Limited has completed the NOK2,654 million (~US$432 million) private placement

at NOK23.0 (~US$3.7) per share that was announced yesterday. Seadrill has been

allocated 34.9 million shares and has as such increased its holding to 116.1

million shares equivalent to 51.5 percent of the outstanding shares in Seawell.

Seawell will following the private placement repay NOK825 million (~US$134

million) to Seadrill in intercompany debt.

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

(Norwegian Securities Trading Act)

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