Seadrill Takes Long Look at Harsh Environment Segment

Seadrill is currently evaluating the structure of the Company's harsh environment activities which include the six drilling rigs contracted in the North Sea area.

In order to maximize the value of Seadrill's harsh environment operations, and to create a basis for further strengthening of this segment, the Company is currently evaluating the existing ownership structure of these activities. One alternative that is under consideration is to organize this segment into a new public company where Seadrill will remain the majority shareholder. This will prepare the ground for further growth and consolidation in this market. It will further increase Seadrill's ability to benefit from its unique experience and to further improve service to oil companies with safe and superior operations in these challenging environments.

Alf C Thorkildsen, CEO in Seadrill Management AS, said, "Seadrill has a leading market position in the harsh environment offshore drilling market. Our harsh environment fleet currently consists of six units; two deepwater units, two mid-water units and two ultra-large jack-up rigs. In response to higher oil prices and increased demand for oil, new frontier areas are opening up for offshore drilling. Seadrill expects these developments to offer attractive opportunities for expansion and further organic growth. We expect to make a decision with respect to a reorganization of our harsh environment activities shortly."

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