Seadrill Updates on Partial Repayment of Petromena Bond

The Norwegian Trustee (Norsk Tillitsmann ASA) has informed Seadrill Limited that a partial repayment of the Petromena NOK 2,000 million 9.75% Bond, of which Seadrill currently holds 81.1 percent, was received by the Trustee for the benefit of the bondholders on September 10, 2009. Seadrill expects near term to receive from the Bond Trustee an amount of US $104 million. This payment will increase Seadrill's dividend capacity in the second half of 2009.