SDRL - Announces contract extension for West Tellus

Hamilton, Bermuda, March 23, 2016 - Seadrill Limited ("SDRL" or "the Company") has been awarded an 18 month contract extension for the drillship West Tellus by Petroleo Brasileiro SA ("Petrobras"), commencing in April 2018 and securing work for the unit through the end of October 2019. The total backlog for the contract extension is approximately $164 million.

As part of the agreement to extend the West Tellus, the Company has agreed to a dayrate reduction on the current contract effective from February 26th, 2016, resulting in a $132 million reduction in backlog.

The net effect of this agreement is a $32 million increase in backlog.

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

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