SOURCE: Seadrill Limited

April 30, 2010 02:45 ET

SDRL - Seadrill secures letter of award for deepwater rig West Phoenix

HAMILTON, BERMUDA--(Marketwire - April 30, 2010) - Seadrill has received a letter of award from Total E&P UK Limited for the deepwater semi-submersible drilling rig West Phoenix on the UK Continental Shelf. The letter of award represents a multi-well contract with an estimated three-year contract period, and the contract value is approximately US$488 million. Commencement of the assignment is scheduled for January 2012, in direct continuation of the present contract with Total E&P Norge AS.

West Phoenix is a 6th generation DP3 semi-submersible drilling rig equipped with full dual capacities enabling enhanced drilling performance.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS says, "We are pleased to report another long term contract for one of our harsh environment drilling units. The new contract reinforces our strong relationship with Total and expands our operational footprint for mobile drilling units to include the UK Continental Shelf."

Jim Dåtland
VP Investor Relations
Seadrill Management AS
+47 51 30 99 19

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


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