Seadrill Limited

Seadrill Limited (OSL:SDRL) The ultra-deepwater drillship West Polaris has commenced operations for ExxonMobil in Brazil. West Polaris, which was delivered from Samsung Heavy Industries in South Korea mid July this year, arrived offshore Brazil end of September and has since arrival been loading onboard relevant equipment as well as preparing for operations. West Polaris has a four-year contract with ExxonMobil for worldwide exploration activities. Seadrill will for the mobilization period receive dayrate as well as compensation for fuel costs, which will be taken to income over the four-year contract term.

Seadrill Limited (OSL:SDRL) Seadrill today took delivery of the deep water drilling rig West Hercules from the DSME shipyard in South Korea.

Seadrill Limited (OSL:SDRL) Drew Investment Ltd, a company controlled by Seadrill Director Tor Olav Trøim, has through market purchases October 9, 2008 purchased 25,000 ordinary shares in Seadrill Limited at a price of NOK76.40 per share.

Seadrill Limited (OSL:SDRL) Drew Investment Ltd, a company controlled by Seadrill Director Tor Olav Trøim, has through market purchases October 8, 2008 purchased 50,000 ordinary shares in Seadrill Limited at a price of NOK76.34 per share.

Seadrill Limited (OSL:SDRL) In connection with the Company's Employee Share Ownership Plan (ESOP), Seadrill Limited has sold 13,300 Seadrill shares at strike price NOK78.74 per share. The Company's holding of own shares after the transactions is 717,800 shares.

Seadrill Limited (OSL:SDRL) In connection with the Company's Employee Share Ownership Plan (ESOP), Seadrill Limited has sold 16,700 Seadrill shares at strike price NOK78.74 per share. The Company's holding of own shares after the transactions is 731,100 shares.

Seadrill Limited (OSL:SDRL) Reference is made to the sale and leaseback transaction released September 16, 2008. Seadrill Limited will be trading ex-dividend of a cash dividend of US$0.30 per share on September 22, 2008. The record date is September 24, 2008, and the dividend will be paid on or about September 29, 2008.

Seadrill Limited (OSL:SDRL) In connection with the Company's Employee Share Ownership Plan (ESOP), Seadrill Limited has sold 50,000 Seadrill shares at strike price NOK80.42 per share. The Company's holding of own shares after the transactions is 747,800 shares.

Seadrill Limited (OSL:SDRL) Seadrill has been awarded a five year firm contract for the semi-submersible tender rig West Alliance for operations in South East Asia. Contract commencement will be in January 2010 in direct continuation of existing contract. Total contract value is estimated to approximately US$310 million.

Seadrill Limited (OSL:SDRL) Seadrill Limited and Ship Finance International Limited have agreed a combined sale and leaseback arrangement whereby Seadrill sell the ultra-deepwater semi-submersible rigs West Hercules and West Taurus for a total consideration of US$1.7 billion and simultaneously lease the units for a 15-year period. The up front cash contribution from the sale adjusted for remaining newbuild instalments is estimated to US$1 billion at delivery of the two semi-submersible rigs.