SOURCE: Seadrill Limited

February 12, 2010 05:22 ET

SDRL - Seadrill secures letter of award for newbuild deepwater unit

HAMILTON, BERMUDA--(Marketwire - February 12, 2010) - Seadrill has received a letter of award from an international E&P operator for the ultra-deepwater drillship West Gemini under construction. The letter of award represents a two-year contract with an estimated contract value of approximately US$345 million, including mobilization fee. Furthermore, the operator has the right to extend the contract for an additional year at a similar dayrate. West Gemini is expected to be completed early July 2010 and will subsequently relocate from Korea to West Africa to commence operations under the two-year contract.

Analyst contact:
Jim Dåtland
Vice President Investor Relations
Seadrill Management AS
+47 51 30 99 19

Media contact:
Trond Brandsrud
Chief Financial Officer
Seadrill Management AS
+47 51 30 99 19

Seadrill Limited
Hamilton, Bermuda
February 12, 2010

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

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