Seadrill Limited - Share Issue/Capital Change 2014

SDRL -Seadrill announces result of voluntary incentive offer to convert the US$650 million 3.375% 2017 convertible bond

Hamilton, Bermuda, July 28, 2014 - Seadrill Limited ("Seadrill" or the

"Company") is pleased to announce that holders of US$648.6 million of principal

amount of Seadrill's convertible bonds due 2017 have accepted the voluntary

incentive offer that was made on July 18, 2014 and expired on July

24, 2014. The Company intends to exercise the "90% clean-up call" call provision

on the remaining US$1.4 million outstanding.

In connection with today's settlement of the voluntary incentive offer for early

conversion of the convertible bonds, the number of common shares outstanding in

Seadrill has increased by 23,827,751 shares. The total number of common shares

outstanding in Seadrill is now 493,078,684 shares.

ABG Sundal Collier was engaged by Seadrill as managers for the voluntary

incentive offer.

Questions should be directed to:

Rune Magnus Lundetræ

Chief Financial Officer

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1839612]

AI assistant