SDRL - Change in corporate management team

Hamilton, Bermuda, February 2, 2012  - Seadrill's Chief Financial Officer, Esa Ikäheimonen has decided to leave the Company during the second half of 2012 to pursue other career opportunities. In this context Seadrill has restructured its finance organization dividing the CFO role into two and creating a new role of Chief Accounting Officer (CAO).

Both senior finance roles, CFO and CAO, shall report to the CEO, Alf C Thorkildsen, and be part of the executive management team.

The revised CFO role shall focus on managing Investor Relations, Treasury, Tax, and Risk and Insurance, whereas the new role of CAO shall manage all accounting and controlling work, including external reporting.

To succeed Esa Ikäheimonen, the appointments of Robert Hingley-Wilson as the new CAO and SVP, and Rune Magnus Lundetræ as the CFO (designate) and SVP are made with immediate effect.

Until his departure, Esa Ikäheimonen will continue to work as CFO to ensure a smooth transit and to assist the new organization to be effective as well as working on strategic projects for the CEO.

Alf C Thorkildsen
Chief Executive Officer
Seadrill Management AS
+47 51 30 99 19        

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