SDRL - Seadrill Limited sells the semi-submersible rigs West Leo and West Sirius to Seadrill Partners LLC

SDRL - Seadrill Limited sells the semi-submersible rigs West Leo and West
Sirius to Seadrill Partners LLC

HAMILTON, Bermuda, Dec. 3, 2013 (GLOBE NEWSWIRE) -- Seadrill Limited (NYSE:
SDRL) (the "Company") announced today that it has entered into an agreement
with Seadrill Partners ("Seadrill Partners") pursuant to which the Company
will sell to (i) Seadrill Operating LP, the Company's 70% owned subsidiary
("Seadrill Operating"), all of the ownership interests in the entities that
own and operate the semi-submersible drilling rig, the West Leo (the "Leo
Dropdown"), and (ii) Seadrill Capricorn Holdings LLC, the Company's 49% owned
subsidiary ("Capricorn Holdings"), all of the ownership interests in the
entities that own and operate the semi-submersible drilling rig, the West
Sirius (the "Sirius Dropdown"). The Leo Acquisition and the Sirius Acquisition
(collectively, the "Dropdowns") will be accomplished through a series of
purchases, contributions and assumptions of debt. The Dropdowns are subject
to the satisfaction of certain closing conditions.

Financing of the Acquisitions

The implied purchase price of the Leo Dropdown is $1.250 billion, including
working capital. The Seadrill Partners' portion of the purchase price for the
Leo Dropdown will be $229.4 million. In addition, a subsidiary of Seadrill
Operating intends to enter into a $485.5 million intercompany loan agreement
with the Company (the "Leo Loan Agreement"), which will require it to make
payments of principal and interest under the credit facility that Seadrill
used, in part, to construct the West Leo.

The implied purchase price of the Sirius Dropdown is $1.035 billion, including
working capital. Seadrill Partners' portion of the purchase price for the
Sirius Dropdown will be $298.4 million. Seadrill Partners intends to fund
$70.0million of the purchase price by issuing a zero coupon discount note to
the Company that matures in June 2015. Upon maturity of such note, Seadrill
Partners will repay $72.6 million to the Company. In addition, a subsidiary of
Capricorn Holdings intends to enter into a $220.1 million intercompany loan
agreement with the Company, which will require Capricorn Holdings to make
payments of principal and interest under the credit facility used to finance
the West Sirius. In addition, Capricorn Holdings intends to finance $229.9
million of the purchase price by issuing a zero coupon discount note to the
Company that matures in June 2015. Upon maturity of such note, Capricorn
Holdings will repay $238.5 million to the Company.

Seadrill Partners intends to satisfy the cash portion of its purchase price of
the Acquisitions with the proceeds of equity issuances and borrowings from the
Company.

FORWARD LOOKING STATEMENTS

This news release includes forward looking statements. Such statements are
generally not historical in nature, and specifically include statements about
the Company's plans, strategies, business prospects, changes and trends in its
business and the markets in which it operates. In particular, statements
regarding the Company's ability to complete the Dropdowns are considered
forward looking statements. These statements are made based upon management's
current plans, expectations, assumptions and beliefs concerning future events
impacting the Company and therefore involve a number of risks, uncertainties
and assumptions that could cause actual results to differ materially from
those expressed or implied in the forward-looking statements, which speak only
as of the date of this news release. Important factors that could cause actual
results to differ materially from those in the forward looking statements
include, but are not limited to, the performance of the drilling rigs in the
Company's fleet, delay in payment or disputes with customers, fluctuations in
the international price of oil, changes in governmental regulations that
affect the Company or the operations of the Company's fleet, increased
competition in the offshore drilling industry, and general economic, political
and business conditions globally. Consequently, no forward looking statement
can be guaranteed. When considering these forward looking statements, you
should keep in mind the risks described from time to time in the Company's
filings with the SEC, including its Annual Report on Form 20-F (File No.
001-34667). The Company undertakes no obligation to update any forward looking
statements to reflect events or circumstances after the date on which such
statement is made or to reflect the occurrence of unanticipated events. New
factors emerge from time to time, and it is not possible for the Company to
predict all of these factors. Further, the Company cannot assess the impact of
each such factor on its business or the extent to which any factor, or
combination of factors, may cause actual results to be materially different
from those contained in any forward looking statement.

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

December 2, 2013

HUG#1747274

CONTACT: Seadrill
         +47 51 30 99 00