Seadrill Sells West Titania to SeaWolf for US $146.5 Million

Seadrill has agreed to sell the 1981-built jackup West Titania for US$146.5 million to the Nigerian drilling contractor SeaWolf Oil Services Limited. The unit is at present operating in Tunisia for Ecumed under a three well contract that is expected to run until November 2007. The unit will thereafter be transferred to SeaWolf upon completion of the contract. As such, Seadrill will receive income from the three-well assignment in addition to the agreed sale price.

Mr. Kjell E. Jacobsen, CEO of Seadrill Management AS, said: "The Company-mission is to create a leading offshore driller with worldwide activities focused on new and modern drilling assets. The sale of the jack-up West Titania is in line with this strategy."

A representative of SeaWolf Oil Services Limited, said: "This is a win-win for both SeaWolf and Seadrill. SeaWolf's strategy is to establish a first class truly indigenous Nigerian drilling contractor which is well supported by this acquisition as well as our acquisition of the two Mosvold jackups."

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