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SDRL - Operational update fourth quarter 2012


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© Marketwire 2013
2013-01-31 23:27:33 -

HAMILTON, NORWAY -- (Marketwire) -- 01/31/13 --



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]




Analyst contact
Rune Magnus Lundetræ
Chief Financial Officer
Seadrill Management AS
+47 51 30 99 19

Media contact
Alf Thorkildsen
Chief Executive Officer
Seadrill Management AS
+47 51 30 99 19



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