Seadrill Bids Farewell to CFO and Sr. Vice President

Seadrill announced that Trond Brandsrud, Chief Financial Officer and Senior Vice President in Seadrill Management AS is departing the Company to pursue other interests. Brandsrud will at the latest resign at end of April 2010 and his replacement will be announced at a later stage.

Alf C. Thorkildsen, President and Chief Executive Officer, commented, "Trond Brandsrud has been with the company for three years and has been a key contributor in developing Seadrill to a position as a leading drilling company. Brandsrud has developed a strong global finance organization during an exciting and challenging period for the Company. I take this opportunity to thank him for his achievements as our CFO and as a key member of our Executive Leadership Team, and wish him all the best in his future assignments."