Seadrill Secures LOI for West Epsilon Jackup

Seadrill has received a letter of intent from Statoil for the harsh environment, heavy duty jackup drilling rig West Epsilon on the Norwegian Continental Shelf. The letter of intent represents a four-year contract with an estimated contract value of approximately US $394 million (which partly is paid in Norwegian kroner and US dollar). Start-up is scheduled for December 29, 2010, in direct continuation of the drilling rig's present assignment. The new contract will keep the unit employed until January 2015.

West Epsilon is presently operating for Statoil on the Sleipner field in The North Sea.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS said, "We are pleased to secure this assignment for the West Epsilon jackup which will contribute to grow our order backlog and earnings visibility, providing an important foundation for continued quarterly dividend payment."

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