Seadrill to Sell West Larissa

Seadrill has entered into an agreement to sell the 1984 built jackup drilling rig West Larissa to a buyer registered in Panama for a total consideration of US $55 million.

Seadrill expects to record a gain on sale of approximately US $26 million in the fourth quarter 2010. Closing of the agreement and transfer of ownership of the unit is scheduled to October/November 2010.

West Larissa is presently working on an assignment for VSP offshore Vietnam. West Larissa will be released from the contract with VSP late October 2010, and Seadrill's 2007 built jack-up West Prospero will simultaneously take over the remaining part of this contract until completion by the end 2011.

Alf C Thorkildsen, CEO of Seadrill Management said, "The disposal of West Larissa is in line with our strategy focusing our company on modern, premium offshore drilling units."

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