Seadrill Limited — Share Issue/Capital Change 2010

Dec 22, 2010

Corr. SDRL - Settlement of early conversion of convertible debt

Hamilton, Bermuda, December 22, 2010 - In connection with the settlement of the

incentive offers for early conversion of the 2012 and 2014 convertible bonds,

the number of outstanding ordinary shares in Seadrill Limited has been increased

by 31,020,271 shares issued at par value of US$2.00. The new number of

outstanding ordinary shares is 443,308,487 shares.

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

(Norwegian Securities Trading Act)

[HUG#1474988]