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Seadrill Limited (OSL:SDRL) SDRL - Seadrill Secures New Long-term Tender Rig Contract In West-africa

Seadrill Limited (OSL:SDRL) Seadrill has been awarded a new contract by Cabinda Gulf Oil Company Ltd (Chevron) for development drilling offshore Angola with the semi-tender rig West Berani II, which is currently under construction. The contract has a duration of five years with commencement in the first quarter 2010, subsequent to delivery from the yard. Estimated contract value is approximately US$378 million, including mobilization, demobilization and minor upgrades.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS says, "We are pleased to have signed yet another term contract for one of our tender rigs. Based on our operation track record and position in the tender rig market we expect to continue to grow our order backlog and earnings visibility even in today's market."

Analyst contact: Jim Dåtland Vice President Investor Relations +47 51 30 99 19

Media contact: Trond Brandsrud Chief Financial Officer +47 51 30 99 19

Seadrill Limited Hamilton, Bermuda December 5, 2008

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Seadrill Limited

http://www.seadrill.bm

ISIN: BMG7945E1057

Stock Identifier: XOSL.SDR

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