Seadrill Limited — Share Issue/Capital Change 2011

Feb 1, 2011

SDRL - Mandatory notification of trade

Hamilton, Bermuda, February 1, 2011 - In connection with the early redemption of

the US$500,000,000 convertible bonds (NO 001 0538705), US$5,900,000 of the

convertible bonds have been converted into 266,003 shares. The Company has used

treasury shares to settle the conversion and the new holding of treasury shares

is 398,285.

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

(Norwegian Securities Trading Act)

[HUG#1484083]