SDRL - Seadrill secures letter of intent for semi-submersible rig West Venture

HAMILTON, BERMUDA, Apr 06 (MARKET WIRE) --

Seadrill has received a letter of intent from Statoil for the semi-
submersible drilling rig West Venture on the Norwegian Continental Shelf.
The letter of intent represents a five-year contract with an estimated
contract value of approximately US$756 million (which partly is paid in
Norwegian kroner and US dollar). Start-up is scheduled for August 1,
2010, one year ahead of expiry of the present assignment. The new
contract will keep the unit employed until August 2015. Statoil has on
the same terms and conditions the option to extend the assignment to 6 or
7 years until January 2011.

West Venture has for the last 10 years been operating for Statoil on the
Troll field in The North Sea. West Venture is a 5th generation DP3 semi
submersible equipped with full dual capacities enabling enhanced drilling
performance.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS says,
"We are pleased to secure this assignment for the semi-submersible West
Venture, and together with the four-year letter of intent for the jack-up
rig West Epsilon awarded by Statoil a fortnight ago, they represent an
estimated contract value of approximately US$1.150 million. The two
assignments meet our preferences for long-term contracts and long-term
client relationships".

Contact:
Alf C Thorkildsen
Chief Executive Officer
+47 51 30 99 19

Seadrill Limited
Hamilton, Bermuda
April 6, 2010

This information is subject of the disclosure requirements acc. to
Section 5-12 vphl (Norwegian Securities Trading Act)

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