SDRL - Disclosure regarding Sevan Drilling ASA

Hamilton, Bermuda, May 7, 2015 - We refer to the press releases dated January 30, 2013, February 7, 2013, May 10, 2013, August 7, 2013, August 29, 2013, November 7, 2013, February 7, 2014, May 7, 2014, August 7,2014, November 7, 2014 and February 9, 2015 which announced the forward agreements for Seadrill Limited's ("Seadrill") holdings in Sevan Drilling ASA ("Sevan") shares.

We have rolled forward these agreements subsequent to the prior agreements' expiration.

Seadrill has entered into a forward agreement for 216,065,464 Sevan shares expiring August 10, 2015 with a strike price of NOK 0.6247.

Additionally, Seadrill has entered into a forward agreement for 81,828,500 Sevan shares expiring August 6, 2015 with a strike price of NOK 0.6243.

Seadrill controls 297,941,358 shares of Sevan, either through direct ownership or forward agreements, representing 50.11% of all issued shares of Sevan.