Seadrill Receives Letter of Intent for West Polaris

Seadrill has been awarded a letter of intent by a major oil company for international explorations activities with the ultra-deepwater drillship West Polaris (Mosvold I). The contract has a firm duration of three years and estimated contract value is approximately US$570 million. West Polaris is currently under construction at Samsung Shipyard in South Korea and is scheduled for delivery at the end of the second quarter 2008.

The letter of intent is subject to agreement of final contractual terms and conditions as well as Board approvals.

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