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2015-09-15

Seadrill Limited: SDRL - Seadrill Cancels the West Mira Construction Contract

Hamilton, Bermuda, September 15, 2015
- Seadrill Limited ("Seadrill" or "The Company""), has notified Hyundai Heavy
Industries Co Ltd. ("the Shipyard") that it has exercised its right to cancel
the contract for the construction of the West Mira, a sixth generation
ultra-deepwater harsh environment semisubmersible drilling unit ("West Mira"
or "the Unit").

The Unit was ordered during the second quarter of 2012 and the delivery date
stated in the construction contract was by December 31, 2014. Due to the
Shipyard's inability to deliver the Unit within the timeframe required under
the contract, the Company has exercised its cancellation rights.

Under the contract terms, Seadrill has the ability to recoup the $168 million
in pre-delivery instalments to the Shipyard, plus accrued interest.

In the fourth quarter of 2012 Seadrill was awarded a 5 year contract for the
West Mira with Husky Oil Operations Limited ("Husky") for operations in
Canada and Greenland. As stated in the Company's second quarter earnings
report, due to the late delivery of the Unit, the Company had tentatively
agreed with Husky to reduce the dayrate of the West Mira drilling contract.
Seadrill remains in discussions with Husky to find an alternative solution to
meet its drilling requirements.

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. In particular, statements
regarding the Company's ability to complete the Polaris Acquisition and the
anticipated total value proposition are considered forward looking
statements. 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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