SOURCE: Seadrill Limited

April 16, 2008 02:50 ET

SDRL - Contract extensions for West Aquarius and West Polaris

HAMILTON, Bermuda--(Marketwire - April 16, 2008) -


Reference is made to the previously agreed contracts awarded by ExxonMobil regarding the semi-submersible drilling rig West Aquarius and the deepwater drillship West Polaris.

ExxonMobil has today exercised the option to extend the contract for West Aquarius from three to four years. Estimated contract value for West Aquarius for the full four-year period is approximately US$750 million, up from approximately US$579 million for the three-year period, including escalation from initial contract award up to present date.

In addition, ExxonMobil has awarded Seadrill one additional year to the existing three-year term for West Polaris. The contract value for the additional year is approximately US$219 million, bringing the total contract value for West Polaris for the four-year period to approximately US$815 million, including escalation from initial contract award up to present date.

West Polaris is currently under construction at Samsung Shipyard in South Korea, and West Aquarius is currently under construction at DSME (Daewoo Shipbuilding and Marine Engineering) in South Korea.

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

Media contact:
Kjell E Jacobsen
Chief Executive Officer
Seadrill Management AS
+47 51 30 99 19

Seadrill Limited

Hamilton Bermuda

April 16, 2008





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