Seadrill Completes $500MM Convertible Bond

Seadrill has successfully completed a five year, US $500 million convertible bond.

The proceeds from the bonds will be used for general corporate purposes.

The senior unsecured convertible bonds will have an annual coupon of 4.875% payable semi-annually in arrear and a conversion price of US $25.18 per bond representing a conversion premium of 35% of the volume weighted average price of the Company's shares on the Oslo Stock Exchange (converted into US$) up to the pricing of the bonds on September 11, 2009 (the "Reference Price").

The Reference Price of the Company's common shares was set at US $18.65 (based on a volume weighted average price of NOK110.54 between launch and pricing).

The Bonds will be issued and redeemed at 100% of their principal amount and will, unless previously redeemed, converted or purchased and cancelled, mature in September 2014.

Seadrill has the right to call the Bonds after three years plus 21 days, if the value of the Seadrill shares underlying one Bond on the Oslo Stock Exchange (translated into US$) exceeds, for a specified period of time, 130% of the principal amount of the Bond.

The Bonds are expected to be settled on or around September 29, 2009.

This announcement does not constitute or form part of an offer to sell or the solicitation of an offer to subscribe for any securities of Seadrill Limited.


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