Seadrill Receives 3-Yr LOI from ConocoPhillips for Work Offshore Indonesia

Seadrill has been awarded a letter of intent by ConocoPhillips for development drilling in Indonesia. The contract has a duration of three years with commencement scheduled for the fourth quarter 2008/first quarter 2009. Estimated contract value is approximately US $178 million. Seadrill has the option to use either West Berani or West Setia for this assignment.

The final contract is subject to agreement on contractual terms as well as Indonesian governmental approval.

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