SDRL - Update on the listing of its Brazilian subsidiary Seabras

Hamilton, Bermuda, January 30, 2012 - As announced previously, Seadrill intends to list its Brazilian subsidiary, Seabras Serviços de Petróleo S.A. (Seabras), on the BM&FBOVESPA, the São Paulo Stock Exchange. 

Subsequent to the second filing with the Brazilian Securities and Exchange Commission ("Comissão de Valores Mobiliários" or "CVM") Seabras has agreed with Petrobras to make certain changes to its corporate structure. It will not be possible to complete the proposed corporate restructuring and receive consents from lending banks and charterer within the time limit for filing based on third quarter 2011 accounts.

The implication is that Seabras will make a new filing with the CVM that reflects the revised corporate structure. This filing will include the fourth quarter 2011 accounts and is expected to be completed early March, with an anticipated listing on the São Paulo Stock Exchange in April 2012.

This disclosure is for informational purposes and not an offer to buy or the solicitation of an offer to sell any securities.  In addition, the common shares subject of the potential future offering by Seabras have not been, and will not be, registered under the United States Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the United States Securities Act and applicable state securities laws.

This disclosure contains forward-looking statements.  Forward-looking statements are only predictions and are not guarantees of future performance.  Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors that may cause the actual results to be materially different from any future results expressed or implied in such forward-looking statements. The Company expressly disclaims a duty to update any of the forward-looking statements.

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