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SDRL - Operational update fourth quarter 2012

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Copyright © Thomson Reuters 2013. All rights reserved.
2013-01-31 23:07:36 -

Hamilton, Bermuda, January 31, 2013 - In the third quarter financial report
Seadrill estimated the downtime for the deepwater rigs in operation to be 41
days for the fourth quarter. After closing the quarter revised estimates show
downtime has increasing to approximately 100, days, mainly due to BOP issues on
several of the Company's rigs.

In line with what the Company communicated in the third quarter financial
report, general and administrative costs have increased due to the management
transition process to London, as well as expenses related to the development of
one specific IT project. During the transition process the general and
administrative costs will be US$10-20 million higher than what has been
historically reported, but is expected to be reduced after the transition
process has been finalized in the second 
half of 2013. The first quarter 2013 results will also be impacted by the West Hercules taking longer than anticipated to be ready for its next assignment. The rig commenced its new contract with Statoil on January 31, 2013. 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 [HUG#1674844]

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