Seadrill's Mandatory Offer to Purchase All Scorpion Shares

Seadrill's reported its mandatory offer to purchase all of the shares in Scorpion at NOK40.50 per share expiring on Friday, July 16, 2010 (the "Offer").

Seadrill has received acceptances of the Offer totaling 30,474,619 shares. This will, together with the shares already owned by Seadrill in Scorpion, take Seadrill's total holding of Scorpion shares to 75,485,470, representing approximately 84 percent of all of the issued shares in Scorpion.

Seadrill hereby announces that it will perform settlement of the Offer on the forthcoming Wednesday, July 21. As such, all Scorpion shareholders accepting the Offer should have the funds available on their respective bank accounts shortly thereafter.

The directors of Scorpion not affiliated to Seadrill have agreed to resign voluntary from their positions on the date Seadrill execute the settlement of the Offer.

Seadrill will from the same date have full operational control of Scorpion.

Seadrill intends to integrate the activities of Scorpion with its own as soon as possible and intend, as a consequence of being the holder of the vast majority of Scorpion shares, call a shareholders meeting in Scorpion and propose to this that the Scorpion shares are unlisted from the Oslo Stock Exchange.

In view of the above Seadrill urges all shareholders in Scorpion not yet having accepted the Offer to do the same by the deadline on Friday at 17:30 CET this week.

Seadrill is not bound to maintain the Offer following this date and cannot guarantee that it will purchase further shares at the price level reflected in the Offer.


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