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SDRL - Seadrill Limited Sells The Tender Rig T-16 To Seadrill Partners LLC

HAMILTON, Bermuda, Oct. 11, 2013 (GLOBE NEWSWIRE) --

Hamilton, Bermuda, October 11, 2013 - Seadrill Limited has today entered into an
agreement to sell the company that owns the tender rig T-16 to Seadrill Partners
LLC for a total purchase price of US$200 million, less approximately US$93
million of debt outstanding under the credit facility secured by the T-16.
Seadrill Partners will acquire the company that owns the T-16 in exchange for
approximately US$107 million in unregistered common units that Seadrill Partners
will issue to Seadrill Limited. The number of common units to be issued to
Seadrill Limited will be 3,310,622, at a price of US$32.29 which is based on the
ten-day volume weighted average closing price ending on October 10, 2013 for
Seadrill Partners' common units. The transaction is expected to close within
October 2013.

The T-16 commenced operations in September 2013 under a five-year contract with
Chevron in Thailand at an initial dayrate of US$115,500. The debt secured by the
T-16 matures in December 2017 and has an interest rate of LIBOR plus a margin of
3.25% per annum.


FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are
generally not historical in nature, and specifically include statements about
the Company's plans, strategies, business prospects, changes and trends in its
business and the markets in which it operates. In particular, statements
regarding the Company's ability to complete the acquisition of the T-16 and
projected increases in cash distributions are considered forward looking
statements. These statements are made based upon management's current plans,
expectations, assumptions and beliefs concerning future events impacting the
Company and therefore involve a number of risks, uncertainties and assumptions
that could cause actual results to differ materially from those expressed or
implied in the forward-looking statements, which speak only as of the date of
this news release. Important factors that could cause actual results to differ
materially from those in the forward looking statements include, but are not
limited to the performance of the drilling rigs in the Company's fleet, delay in
payment or disputes with customers, fluctuations in the international price of
oil, changes in governmental regulations that affect the Company or the
operations of the Company's fleet, increased competition in the offshore
drilling industry, and general economic, political and business conditions
globally. Consequently, no forward looking statement can be guaranteed. When
considering these forward looking statements, you should keep in mind the risks
described from time to time in the Company's filings with the SEC, including its
Annual Report on Form 20-F.

The Company undertakes no obligation to update any forward looking statements to
reflect events or circumstances after the date on which such statement is made
or to reflect the occurrence of unanticipated events. New factors emerge from
time to time, and it is not possible for us to predict all of these factors.
Further, the Company cannot assess the impact of each such factor on its
business or the extent to which any factor, or combination of factors, may cause
actual results to be materially different from those contained in any forward
looking statement.

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


[HUG#1735059]

CONTACT: Seadrill
         +47 51 30 99 00

Stock quotes in this article: SDRL 

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