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Seadrill Limited : SDRL - Completion of the US$2.9 billion sale agreement with SapuraKencana



Seadrill Limited : SDRL - Completion of the US$2.9 billion sale agreement with
                                SapuraKencana

Hamilton, Bermuda, February 11, 2013 - We refer to the press release dated
November 5, 2012, which announced the transaction to integrate Seadrill
Limited's ("Seadrill") tender rig division into SapuraKencana Petroleum Berhad
("SapuraKencana").

Seadrill and SapuraKencana have today entered into a conditional sale and
purchase agreement in relation to the proposed transaction. SapuraKencana will
acquire all the tender rigs in Seadrill's fleet except for the West Vencedor,
T15, and T16. These three rigs are either owned or planned to be owned by
Seadrill Partners LLC. Seadrill will in a transition period in co-operation
with SapuraKencana retain the management of all tender rigs that are in
operation outside Asia.

The agreed acquisition price is for an enterprise value of US$2.9 billion and
includes future capital commitments for newbuildings T17, T18, and West
Esperanza. Seadrill will furthermore continue to manage and supervise the
construction of the current new building program on behalf of SapuraKencana.
In addition, the enterprise value includes all the debt in the tender rig
business which is estimated at US$780 million as of February 6, 2013. Seadrill
has agreed to pay US$75 million to SapuraKencana at closing to compensate for
cash flow from the tender rig business from February 8, 2013 to closing,
netted off for lost interest income.

The transaction is expected to close by the end of April 2013.

John Fredriksen, Chairman, President and Director of Seadrill says in a
comment, "We are pleased to have reached an agreement with our long-term
partner, SapuraKencana, regarding the sale of our tender rig fleet. We look
forward to support the integration of the tender rig fleet and are excited to
start a new phase of our long and profitable relationship. Seadrill is as a
large shareholder of SapuraKencana and is excited to contribute building
SapuraKencana into the leading offshore service provider in South East Asia.
Seadrill will as stated before use the net proceeds from the transaction to
continue to aggressively grow our modern ultra-deep-water and jack-up
exposure."

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

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This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: Seadrill Limited via Thomson Reuters ONE
HUG#1676937
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