SDRL - Share incentive program 2011

Hamilton, Bermuda, December 6, 2011 - As mentioned in the Third quarter 2011 report, the Board of Seadrill Limited has approved a share incentive program allocating 1,700,000 options to senior management in the Company to acquire shares in Seadrill Limited. The purpose of the share ownership plan is to promote long-term employment and the term of the options is therefore 5 years with ¼ vesting after 18, 36, 48 and 60 months. The strike price has  been set at NOK202.1 per share, which was the average volume weighted share price for the last three trading days on the Oslo Stock Exchange.

The following Primary Insiders have received share options:

Alf C Thorkildsen 100,000
Esa Ikäheimonen               60,000
Per Wullf     60,000

New total holdings for the same Primary Insiders are:

Shares Share options
Alf C Thorkildsen20,000                                 525,000
Esa Ikäheimonen        0220,000
Per Wullf         0220,000

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