Seadrill announces pricing of $1.0 billion unsecured notes due 2017

Hamilton, Bermuda, September 10, 2012

Seadrill Limited (the "Company" or "Seadrill") (NYSE: SDRL), a global offshore drilling contractor, announced today the pricing of the offering of $1.0 billion in aggregate principal amount of 5.625% unsecured notes due 2017 (the "Notes") in a private offering within the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to certain other persons outside of the United States in reliance on Regulation S under the Securities Act.

The sale of the Notes is expected to be consummated on September 14, 2012, subject to customary closing conditions. Seadrill intends to use the net proceeds of this offering to repay existing indebtedness.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale is unlawful. Any offer of the Notes will be made only by means of a private offering memorandum.

The Notes have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the Securities Act.

Seadrill press release