Seadrill Enters Total Return Swap Agreement

Seadrill has entered into a total return swap agreement with Carnegie Investment Bank AB Norway Branch (providing for cash settlement) with 500,000 shares in Seadrill Limited as underlying security. The agreed initial reference price under the swap is NOK141.226 per share and the swap expires on December 19, 2008.

Seadrill also has a current holding of own treasury shares of 856,100 shares. In addition, Seadrill previously has entered into total return swap agreements with Carnegie, which have 4,000,000 Seadrill shares as underlying security.

As such, the new holding of total return swap agreements with the Seadrill share as the underlying security covers 4,500,000 shares.


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