SDRL- Seadrill in discussions regarding a potential investment with SapuraCrest in Brazil

Hamilton, Bermuda, December 14, 2011 -  Seadrill Limited, or Seadrill, is contemplating expanding its product range with an ambition to offer a wider range of oilfield services in Brazil. It is the intention that such expansion could include a joint investment with SapuraCrest Petroleum Bhd, or SapuraCrest, which recently, through a wholly owned subsidiary, entered into agreements with Petrobras for five-year charters of three pipe laying support vessels (PLSVs) to be built for operations in Brazil. Two of the PLSVs are to be built outside Brazil, while one PLSV will be built in Brazil in compliance with applicable local content requirements. Commencement of operations for the PLSVs is planned to start by October 2014. Seadrill, through its subsidiaries, would have a 50 percent equity participation in entities which will enter into charter and services agreements with Petrobras with respect to the PLSVs. The joint investment is dependent, among other factors, on approval by SapuraCrest shareholders. Seadrill holds a 23.6 percent equity interest in SapuraCrest.

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.