SeaDrill Sets Acceptance Period for Mosvold Shares

Reference is made to the press-release dated January 30, 2006 in connection with SeaDrill's offer to purchase shares in Mosvold Drilling Ltd.

The acceptance period will commence on Friday, February 3, 2006 and end on Friday, February 17, 2006. Shareholders in Mosvold Drilling accepting the Offer will receive a consideration of NOK 17 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) 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.

SeaDrill has prepared a letter 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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