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SDRL - Seadrill secures US$4.1 billion of contracts in Brazil
By MARKET WIRE
Apr 14, 2008 - 2:36:01 AM

HAMILTON, BERMUDA -- (MARKET WIRE) -- 04/14/08 --

Seadrill today secured an unconditional Letter of Award for contractswith a total revenue potential of approximately US$4.1 billion over18 rig years for three newbuild deepwater units with PetroleoBrasileiro S.A - Petrobras, in its capacity as operator of consortiaof concession areas in Brazil. Upon execution, these new contractswill increase Seadrill's backlog to approximately US$12 billion.

The three separate drilling rig contracts' terms and potentialrevenues are:

West Eminence

The sixth generation, deepwater semi-submersible drilling rig isunder construction at Samsung shipyard in South Korea. The rig willbe delivered during the fourth quarter 2008 and start-up ofoperations offshore Brazil is scheduled for the first quarter 2009.Contract duration is six years, and contractual water depth is 2,400meters. Including mobilization fee and five percent performancebonus, the total revenue potential is US$1.35 billion.

West Taurus

The sixth generation, deepwater semi-submersible drilling rig isunder construction at the Jurong shipyard in Singapore. The rig isscheduled to be delivered during the fourth quarter 2008, andstart-up of operations offshore Brazil is scheduled for the firstquarter 2009. Contract duration is six years, and contractual waterdepth is 2,400 meters. Including mobilization fee and five percentperformance bonus, the total revenue potential is US$1.42 billion.

West Orion

The sixth generation, deepwater semi-submersible drilling rig isunder construction at the Jurong shipyard in Singapore. The rig isscheduled to be delivered during the second quarter 2010, andstart-up of operations offshore Brazil is scheduled for the thirdquarter 2010. Contract duration is six years, and contractual waterdepth is 2,400 meters. Including mobilization fee and five percentperformance bonus, the total revenue potential is US$1.35 billion.

Kjell E Jacobsen, Chief Executive Officer in Seadrill Management ASsaid, "This is one of the most important assignments ever awarded toSeadrill and will increase our contract backlog to more than US$12billion. We look forward to satisfy Petrobras' future drillingrequirements with our newest and most advanced drilling units. Brazilwill become one of the strategically most important areas ofoperations for the Company in the years to come."

Including the three drilling units mentioned above, Seadrill'snewbuild deepwater drillship West Polaris is scheduled to commenceits drilling assignment offshore Brazil in the third quarter 2008.

The contracts are subject to final contract wording.

Analyst contact:Jim DåtlandVice President Investor RelationsSeadrill Management AS+47 51 30 99 19Media contact:Kjell E JacobsenChief Executive OfficerSeadrill Management AS+47 51 30 99 19Seadrill LimitedHamilton, BermudaApril 14, 2008

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