Seadrill Bond Holders Accept Conversion Offers

Seadrill Limited is pleased to announce that holders of approximately US$340,000,000 of Seadrill's convertible bonds due 2012 and approximately US$400,000,000 of Seadrill's convertible bonds due 2014 have submitted their acceptances of the voluntary conversion offers.

Seadrill reiterate that the maximum offering amount in principal amount for the convertible bonds due 2012 is US$250,000,000 and will not be increased. A pro-rata basis scale back will be applied for accepting bondholders that participate in the conversion offer.

Bondholders in Seadrill's convertible bonds due 2014 are hereby reminded about the "90% clean-up call" as described in the loan agreement gives Seadrill the right to call the remaining part of the bonds at par value plus accrued interest provided that 90 per cent or more of the original issued amount of US$500,000,000 have been redeemed or converted into shares.

The acceptance period for the offering period will close today at December 17, 2010 at 17:30 CET.

ABG Sundal Collier Norge ASA, Credit Suisse Securities (Europe) Limited and Deutsche Bank AG, London Branch are engaged by Seadrill as managers for the incentive offers.




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