Seadrill Offers Remaining Scorpion Shares

Seadrill announced the acquisition of a further 9,071,948 shares in Scorpion taking its total holding to 45,010,851 shares, representing 50.11 percent of the issued shares in Scorpion.

As a consequence of the above, Seadrill hereby announces a new mandatory offer for all of the remaining shares in Scorpion as required by the Norwegian Securities Trading Act (the "New Offer").

The offer price in the New Offer is NOK 40.50 per share.

The acceptance period for the New Offer expires on July 16, 2010, at 17:30 CET.

Settlement of the New Offer will take place on July 30, 2010 at the latest.