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SDRL - Seadrill Announces Settlement Agreement And 18 Month Extension For Semi-submersible West Aquarius

HAMILTON, Bermuda, Oct. 10, 2013 (GLOBE NEWSWIRE) --

Seadrill Limited announces today that its
subsidiary,  Seadrill Partners, as part of  a settlement agreement has agreed to
non-payment for 37 days during the recent mobilization period as a result of the
time  required for  the ultra-deepwater  harsh environment semi-submersible West
Aquarius  to complete modifications and repairs  in order to meet the regulatory
requirements  for operations in Canadian waters  and for the operator to receive
authorization  from the  Canadian authorities  to commence  operation. This loss
will negatively impact third quarter results.

In  conjunction,  it  is  negotiating  an  18 month  contract  extension thereby
extending  the operations for the  rig off the east  coast of Canada until April
2017.  The  new contract,  which will  be subject  to required  approvals by the
joint interest owners, is expected to be executed by November 30, 2013.

The   total   revenue   potential   for   the   extension  is  estimated  to  be
approximately US$337 million.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

[HUG#1734929]

CONTACT:  Seadrill 
          +47 51 30 99 00

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