SDRL - Disclosure regarding Sevan Drilling Limited

Hamilton, Bermuda, July 1, 2015 - We refer to the press releases dated January 30, 2013, February 7, 2013, May 10, 2013, August 7, 2013, August 29, 2013, November 7, 2013, February 7, 2014, May 7, 2014, August 7,2014, November 7, 2014, February 9, 2015 and May 7, 2015 which announced the forward agreements for Seadrill Limited's ("Seadrill") holdings in Sevan Drilling ASA ("Sevan ASA") shares.

In connection with the migration of Sevan ASA  from Norway to Bermuda, we have closed these agreements and entered in to new agreements with the equivalent number of shares in Sevan Drilling Limited as follows:

Seadrill has entered into a forward agreement for 10,803,274 Sevan Drilling Limited shares expiring August 10, 2015 at a price of NOK 9.795729.

Additionally, Seadrill has entered into a new forward agreement for 4,091,425 Sevan Drilling Limited shares expiring August 6, 2015 with a strike price of NOK 12.486.

Prior to the migration, Seadrill controlled 297,941,358 shares of Sevan ASA, either through direct ownership or forward agreements, representing 50.11% of all issued shares of Sevan ASA. Shareholders will after completion of the settlement of the capital decrease effecting the migration, have approximately the same ownership share in Sevan Drilling Limited as they had in Sevan ASA. Seadrill will announce exact ownership share in Sevan Drilling Limited after completion of the settlement if it deviates from the ownership share in Sevan ASA

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