Seadrill Limited (OSL:SDRL) SDRL - Mandatory Notification Of Trade

Seadrill Limited (OSL:SDRL) Hemen Holdings Ltd, a company indirectly controlled by Seadrill's Chairman John Fredriksen, has settled a TRS agreement (Total Return Swap) underlying 200,000 shares expiring December 11 and subsequent entered into a new TRS agreement with exposure to the same number of underlying shares 200,000. New expiry date is June 11, 2009, and new TRS price is NOK60.207. John Fredriksen's direct and indirect holding in Seadrill is following this transaction unchanged 132,747,583 shares, constituting 33.26 percent of the issued share capital. Hemen Holding controls after this in addition TRS agreements with exposure to totally 4,100,000 shares in Seadrill Limited and options for further 350,000 shares. These numbers remain unchanged after the transaction.

Drew Investment Ltd, a company controlled by Seadrill Director Tor Olav Trøim, has settled a TRS agreement underlying 200.000 shares expiring December 11 and subsequent entered into a new TRS agreement with exposure to the same number of underlying shares 200,000. New expiry date is June 11, 2009, and new TRS price is NOK60.207. Trøim`s direct and indirect holding in Seadrill Limited following this transaction is 350,000 shares and 475,000 options. Trøim controls after this in addition TRS agreements with exposure to totally 400,000 shares in Seadrill Limited. These numbers remain unchanged after the transaction.

December 11, 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.SDRL