SOURCE: Seadrill Limited

March 13, 2008 03:38 ET

SDRL - Seadrill secures letter of intent for jack-up newbuild

HAMILTON, BERMUDA--(Marketwire - March 13, 2008) -

Seadrill has been awarded a letter of intent from a major operator for the jack-up newbuild West Ariel. The contract has a firm duration of one year, and estimated contract value is approximately US$72 million, including mobilization fee. The assignment is for drilling operations in the South East Asia region.

West Ariel is currently under construction at KFELS in Singapore. Commencement of operation is expected to take place in the second quarter of 2008.

West Ariel is the fifth and final jack-up delivered in the current program to Seadrill from its existing shipyard commitments.

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
March 13, 2008

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