SDRL - Operational update fourth quarter 2012

Hamilton, Bermuda, January 31, 2013 - In the third quarter financial report Seadrill estimated the downtime for the deepwater rigs in operation to be 41 days for the fourth quarter. After closing the quarter revised estimates show downtime has increasing to approximately 100, days, mainly due to BOP issues on several of the Company's rigs.

In line with what the Company communicated in the third quarter financial report, general and administrative costs have increased due to the management transition process to London, as well as expenses related to the development of one specific IT project. During the transition process the general and administrative costs will be US$10-20 million higher than what has been historically reported, but is expected to be reduced after the transition process has been finalized in the second half of 2013.

The first quarter 2013 results will also be impacted by the West Hercules taking longer than anticipated to be ready for its next assignment. The rig commenced its new contract with Statoil on January 31, 2013.

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

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