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2016-05-18

Seadrill Limited: SDRL - Seadrill Agrees to Debt-for-Equity Exchange

Hamilton, Bermuda, May 18, 2016
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Seadrill Limited ("Seadrill" or the "Company") announces today that it has
entered into a privately negotiated exchange agreement with certain holders
of its outstanding 5-5/8% Senior Notes due 2017 (the "2017 Notes"), pursuant
to which the Company has agreed to issue a total of 8,184,340 new shares of
its common stock, par value $2.00 per share, in exchange for $55.0 million
principal amount of the 2017 Notes in accordance with Section 3(a)(9) of the
U.S. Securities Act of 1933, as amended (the "Exchange").

Settlement is expected to occur on May 20, 2016, upon which the Company will
have a total of 500,944,280 shares of its common stock issued and
outstanding.

FORWARD LOOKING STATEMENTS

This news release includes forward-looking statements. Such statements are
generally not historical in nature, and specifically include statements about
the Company's plans, strategies, business prospects, changes and trends in
its business and the markets in which it operates. These statements are made
based upon management's current plans, expectations, assumptions and beliefs
concerning future events impacting the Company and therefore involve a number
of risks, uncertainties and assumptions that could cause actual results to
differ materially from those expressed or implied in the forward-looking
statements, which speak only as of the date of this news release.
Consequently, no forward-looking statement can be guaranteed. When
considering these forward-looking statements, you should keep in mind the
risks described from time to time in the Company's filings with the
Securities and Exchange Commission, including its Annual Report on Form 20-F
(File No. 001-34667). The Company undertakes no obligation to update any
forward looking statements to reflect events or circumstances after the date
on which such statement is made or to reflect the occurrence of unanticipated
events. New factors emerge from time to time, and it is not possible for the
Company to predict all of these factors. Further, the Company cannot assess
the impact of each such factor on its business or the extent to which any
factor, or combination of factors, may cause actual results to be materially
different from those contained in any forward looking statement.

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

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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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