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2014-04-09

Seadrill Limited: SDRL - Seadrill reduces stake in SapuraKencana Petroleum Bhd

Hamilton, Bermuda, April 9, 2014
- Seadrill Limited ("Seadrill") has sold 230 million shares of SapuraKencana
raising approximately US$300 million in proceeds. The total economic gain
realized from this sale is approximately US$165 million. Following the
completion of this transaction Seadrill will continue to own approximately
490 million shares, representing an approximate 8% ownership stake in
SapuraKencana. Tor Olav Trøim will continue to serve as a board member of
SapuraKencana with John Fredriksen as an alternate director.

On April 30, 2013 Seadrill increased its ownership stake in SapuraKencana to
12% as a result of the integration of its tender rig business into
SapuraKencana. The target was to develop a strong leading player in the Far
East integrated service market. Since completion of this transaction,
SapuraKencana has made significant progress integrating the two businesses
and taking delivery of an additional 3 tender rigs under construction at the
time of the transaction. This progress has partly been reflected in the
positive share price development.

Seadrill remains a long-term strategic investor in SapuraKencana and, in
connection with the sale, has entered into a lock up agreement for its
remaining shares until the end of 2014. Seadrill will continue to support
SapuraKencana's strategy of growing its broad offshore service portfolio.
SapuraKencana has strengthened its position in the Asian market and has
significant international growth opportunities. SapuraKencana's position as
an integrated service provider and upstream leaseholder creates a competitive
advantage in the region. Having acquired Seadrill's tender rig assets,
SapuraKencana is in an ideal position to serve field developments on a global
basis as well.

John Fredriksen, Chairman, President and Director of Seadrill says in a
comment, "We are very pleased with the progress to date of our partnership
with SapuraKencana, both in the integration of the tender rig business and in
the development of our successful PLSV joint venture in Brazil. We are today
working together on several new businesses with the target of creating new
growth opportunities supported by long term contracts. Our support for one
of our closest partners is unwavering and we look forward to many years of
future cooperation."

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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