SDRL - Update on Petrobras Contracts

Hamilton, Bermuda, February 13, 2015 - At the time of its third quarter earnings release in November 2014, Seadrill Limited ("Seadrill" or "the Company") announced that Petrobras approval had been received for the extensions of its ultra-deepwater semi-submersibles the West Taurus and West Eminence. Due to recent developments within Petrobras, the Company no longer believes the contracts will be concluded in the timeframe or on the previously approved commercial terms. Consequently, Seadrill will remove US$1.1 billion from the backlog reported in its third quarter earnings release.  Seadrill continues to work with Petrobras and its partners to find a mutually agreeable commercial solution.

At the time of the third quarter earnings release Seadrill also announced approval for contract awards on the Libra Field for the ultra-deepwater drillships the West Tellus and West Carina.  The final contracts have been signed and commencement of operations is expected to begin in the second quarter of 2015.

FORWARD LOOKING STATEMENTS

The statements described in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements which could be made include, but are not limited to, statements involving prospects for the Company , political and other uncertainties, including significant governmental influence over many aspects of local economies, expected revenues, capital expenditures, costs and results of operations and contingencies and other factors discussed in the Company's most recent annual report on the Form 20-F for the year ended December 31, 2013 and in the Company's other filings with the SEC, which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to the Company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements.

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

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