SDRL - Seadrill in advanced discussions regarding new five-year ultra-deepwater contract

Hamilton, Bermuda, June 4, 2012 - Seadrill is in advanced discussions regarding a new five-year contract for the drillship West Polaris. This new contract will start in direct continuation of the existing assignment which is scheduled to be completed in October 2012. The potential contract revenue for the five-year period is approximately US$1.16 billion. A final agreement is expected within July 2012.

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