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2014-04-18

Seadrill Limited: SDRL - Filing of 2013 Annual Report on Form 20-F

Hamilton, Bermuda, April 18, 2014
- Seadrill Limited ("Seadrill or the Company") announces that it has filed
its annual report on Form 20-F for the year ended December 31, 2013 with the
Securities and Exchange Commission in the U.S.

The report may be accessed on the Company's website, www.seadrill.com, or on
the website of the U.S. Securities and Exchange Commission, www.sec.gov.

In its fourth quarter results, Seadrill announced the deconsolidation of
Seadrill Partners from its consolidated financial statements following
Seadrill Partners' first annual general meeting of common unitholders held on
January 2, 2014, when the majority of the board members became electable by
the common unitholders. As a result, from January 2, 2014, Seadrill Partners
has been accounted for as an investment in an affiliate. The deconsolidation
of Seadrill Partners is estimated to result in a one-off gain of $2.4 billion
being recognized by the Company in the first quarter of 2014, which is
predominantly driven by the difference between the historical book value of
Seadrill Partners' net assets and the fair value of the Company's investments
in Seadrill Partners recognized upon deconsolidation. The deconsolidation
will significantly impact the future presentation of the Company's operating
results and net income, including any gains and/or losses that may result
from future dropdown transactions to Seadrill Partners. From an operational
and managerial standpoint the relationship between Seadrill and Seadrill
Partners is unchanged. Seadrill Partners continues to leverage off of
Seadrill's operational and financial capabilities.

Please refer to note 37 of the filed Form 20-F for additional details on the
accounting treatment of the deconsolidation.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

Seadrill 2013 Form 20-F
http://hugin.info/135817/R/1778414/607397.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Seadrill Limited via Globenewswire

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