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 itssubsidiary,  Seadrill Partners, as part of  a settlement agreement has agreed tonon-payment for 37 days during the recent mobilization period as a result of thetime  required for  the ultra-deepwater  harsh environment semi-submersible WestAquarius  to complete modifications and repairs  in order to meet the regulatoryrequirements  for operations in Canadian waters  and for the operator to receiveauthorization  from the  Canadian authorities  to commence  operation. This losswill negatively impact third quarter results.In  conjunction,  it  is  negotiating  an  18 month  contract  extension therebyextending  the operations for the  rig off the east  coast of Canada until April2017.  The  new contract,  which will  be subject  to required  approvals by thejoint interest owners, is expected to be executed by November 30, 2013.The   total   revenue   potential   for   the   extension  is  estimated  to  beapproximately US$337 million.This information is subject of the disclosure requirements pursuant to section5-12 of the Norwegian Securities Trading Act.[HUG#1734929]
CONTACT:  Seadrill           +47 51 30 99 00

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