SEAWELL - COMPLETION OF SHARE CAPITAL INCREASE FOLLOWING FROM THE MERGER WITH ALLIS-CHALMERS ENERGY INC.

Hamilton, Bermuda (March 4, 2011)

Seawell Limited (OSE: SEAW) announced today that, based on the election results in connection with the merger with Allis-Chalmers Energy Inc, Seawell Limited has issued 97,071,710 common shares and paid approximately USD 18 million in connection with the merger.  Approximately 95% of Allis-Chalmers stockholders elected to receive stock and approximately 5% elected to receive cash or made no election.  The authorized share capital of Seawell Limited is USD 1,200,000,000 divided into 600,000,000 common shares of par value USD 2.00 each. Following completion of the merger the issued, fully paid and outstanding share capital of Seawell Limited is USD 644,943,520 divided into 322,471,760 fully paid common shares of par value of USD 2.00 each.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)