SDRL -Seadrill revises the release date for its fourth quarter 2011 report and updates conference call details

Hamilton, Bermuda, February 27, 2012 - The Board of Seadrill will hold its board
meeting for approval of the fourth quarter and 2011 preliminary results tomorrow
Tuesday February 28, 2012 after close of business. As a consequence Seadrill has
rescheduled the release of its fourth quarter 2011 report to before start of
trading on the Oslo Stock Exchange on Wednesday February 29, 2012.

The conference call in connection with the earnings release will therefore be
held on Wednesday 29, 2012 at 09:00 a.m. ET time and 3:00 p.m. (Norwegian time).
Management will in the same conference call address highlights in the North
Atlantic Drilling Ltd fourth quarter report 2011.

Seadrill will in its fourth quarter 2011 make a US$463 million non cash
impairment charge on its investment in Archer Limited ("Archer"). The value of
the equity investment will be written down to market value as of December
31, 2011 reflecting a share price of NOK16.1 per share at that date. For the
full year of 2011, the net effect of Seadrill´s investment in Archer including
deconsolidation profits of US$540 million, equity pick-up and the impairment
charge is a net profit contribution of US$44 million.

Seadrill is as a major long-term owner clearly disappointed in the recent
developments in Archer.  However, the Board of Seadrill sees fundamental
strength in the Archer business model, and expects that recent changes in
management will increase the Company´s operational focus and make it possible
for the stock to recover all or a significant part of the decrease in share
price experienced in the second part of 2011.

Call-in details for the Conference Call

Management will do a conference call on Wednesday February 29, 2012 at 09:00
a.m. ET time and 3:00 p.m. (Norwegian time).

To listen to the management presentation of the results, the following options
are available:

A. Webcast
In order to listen to the presentation on the web, you need to have a sound card
installed on your computer.

B. Conference call
Call-in numbers:
Norway Free call 800 56 053
Norway + 47 23 16 27 71

International call [phone]
UK Free call 0800 279 4977

US [phone]
US Free call 1877 280 2296

Participants will be asked for their name, company and conference ID. The
Seadrill conference ID is: 4715361.

There will be a Q&A session subsequent to the presentation. Information on ´how
to ask management questions´ will be given at the beginning of the Q&A session.

In order to view the presentation while listening to the conference, the
presentation material from be downloaded fromwww.seadrill.com

If you are unable to participate in the conference call, there is an opportunity
to listen to a replay onwww.seadrill.com (Investor Relations) or to listen to a
playback by dialing:
UK : [phone]
US : + 1 347 366 9565
Norway: [phone]

- followed by replay access number: 4715361#

Participant list information required: Full name & company
Replay will be available until March 7, 2012.

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

This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Seadrill Limited via Thomson Reuters ONE

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