SDRL - Seadrill secures a new contract in Malaysia and orders new tender rig

Hamilton, Bermuda, April 12, 2011- Seadrill has been awarded an 18 month
contract by Murphy Sabah Oil Co Ltd for the semi tender rig West Menang to
operate on the Kikeh Spar deepwater field in Malaysia. Estimated contract value
is approximately US$100 million (including mobilization and modification of
approximately US$14 million), and the commencement is scheduled for later this
quarter.

Seadrill has also exercised an option to build a new tender barge at the COSCO
Nantong Shipyard in China. The new unit, T17, is scheduled for delivery in the
first quarter 2013. Total project price is estimated at US$115 million, which
includes project management, drilling and handling tools, spares and capitalized
interest.

T17 is similar to the two tender rigs Seadrill ordered from COSCO on February
28 this year, with enhanced drilling capabilities allowing for higher drilling
efficiency including the advantage of a light weight drilling equipment set.

Alf C Thorkildsen, CEO in Seadrill Management AS, says in a comment, " Based on
the market outlook, also reflected in the West Menang contract, we are confident
in strengthening our tender rig fleet further and that the new unit T17 will be
another valuable investment going forward."

Analyst contact:
Jim Dåtland
VP Investor Relations
Seadrill Management AS
[phone]

Media contact:
Esa Ikäheimonen
Chief Financial Officer
Seadrill Management AS
[phone]

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

This announcement is distributed by Thomson Reuters on behalf of
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Source: Seadrill Limited via Thomson Reuters ONE

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