SeaDrill Makes Offer to Purchase Remaining Shares in Mosvold Drilling

Reference is made to the press-release dated December 21, 2005, in connection with SeaDrill Limited's offer to purchase shares in Mosvold Drilling Ltd.

The acceptance period will commence on Tuesday December 27, 2005 and end on Friday January 20, 2006. Shareholders in Mosvold Drilling Ltd. accepting the Offer will receive a consideration of NOK 14 per share payable in cash.

Settlement for acceptances will be made on a continuous basis to each Acceptant in NOK, as soon as possible and within 3 banking days after the Receiving Agent (Pareto Securities ASA) has registered the Acceptance. Settlement will be made to the bank account registered in the VPS for dividend payments at the time of the Acceptance, or such other account as notified to the Receiving Agent.

SeaDrill has prepared an Offer Document containing information on the offer which, together with an Acceptance Form, will be sent to all existing shareholders in Mosvold Drilling Ltd.


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