Hamilton, Bermuda, December 14, 2011 - Seadrill Limited (the "Company") announced today that Seabras Serviços de Petróleo S.A. ("Seabras"), its wholly-owned indirect subsidiary, made an initial filing of a Reference Form ("Formulário de Referência") with the Brazilian Securities and Exchange Commission ("Comissão de Valores Mobiliários" or "CVM") in connection with its potential future initial public offering of common shares to be listed on the Novo Mercado segment of the BM&FBOVESPA, the São Paulo Stock Exchange.  The potential future offering of the common shares is subject to market and other conditions, including the approval by, and registration of the common shares with, the CVM. 

This disclosure is for informational purposes and not an offer to buy or the solicitation of an offer to sell any securities.  In addition, the common shares subject of the potential future offering by Seabras have not been, and will not be, registered under the United States Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the United States Securities Act and applicable state securities laws. 

This disclosure contains forward-looking statements.  Forward-looking statements are only predictions and are not guarantees of future performance.  Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors that may cause the actual results to be materially different from any future results expressed or implied in such forward-looking statements. The Company expressly disclaims a duty to update any of the forward-looking statements.

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