SDRL - North Atlantic Drilling Ltd. files for initial public offering

Hamilton, Bermuda, December 12, 2012 - North Atlantic Drilling Ltd. (NADL), a majority owned subsidiary of Seadrill Limited, announced today that it filed its registration statements with the US Securities and Exchange Commission (SEC) on Tuesday, December 11, 2012. The initial public offering of NADL's common shares and an exchange offer to exchange existing unregistered shares for SEC-registered shares are expected to commence after the SEC completes its review process. NADL has applied to list its common shares on The New York Stock Exchange under the symbol "NADL"

Morgan Stanley will act as the Global Coordinator and Lead Bookrunner of the offering.

The offering of the common shares will be made only by means of a prospectus. A written prospectus meeting the requirements of Section 10 of the Securities Act of 1933 will be made available when the SEC has completed its review process.

Registration statements relating to these securities have been filed with the SEC but have not yet become effective. The securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statements becomes effective. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities issuable pursuant to the registration statements, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The statements in this press release that are not historical facts may be forward-looking statements. Such forward looking statements, based upon the current beliefs and expectations of NADL's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The information set forth herein should be read in light of such risks. NADL does not assume any obligation to update the information contained in this press release.

North Atlantic Drilling is a leading offshore harsh environment drilling company in which Seadrill Limited currently holds a 74 percent ownership interest. The Company has a fleet of six harsh environment units in operation and two newbuilds under construction. North Atlantic Drilling is currently listed on the N-OTC list in Norway.

Rune Magnus Lundetræ
Chief Financial Officer
Seadrill Management AS
+47 51 30 91 26    

Ragnvald Kavli
Investor Relations Manager
Seadrill Management AS
+47 51 30 96 27    

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