NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR TO U.S. NEWS WIRE
SERVICES OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR ANY OTHER
JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Hamilton, Bermuda, January 31, 2012 - Seadrill has successfully completed a
NOK1,250 million senior unsecured bond issue with maturity date February
13, 2014. Settlement date is set to be February 13, 2012. An application will be
made for the bonds to be listed on Oslo Børs as soon as practically possible.
The net proceeds from the bond issue will be used for general corporate
purposes.

In conjunction with the bond issue, Seadrill has repurchased bonds with nominal
value of NOK331.5 million in the SME05 (ISIN: NO 001 028379.9) maturing at
September 28, 2012. Remaining outstanding amount in SME05 after the buy-backs
will be NOK168.5 million.

Nordea Markets, Pareto Securities, RS Platou Markets and Swedbank First
Securities acted as joint lead managers of the new bond issue.


For further information, please contact:

Analyst contact:
Jim Dåtland
VP Investor Relations
Seadrill Management AS
+47 51 30 99 19


Media contact:
Esa Ikäheimonen
Chief Financial Officer
Seadrill Management AS
+47 51 30 99 19

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

This press release is neither an offer to sell nor a solicitation of an offer to
buy any of the bonds or any other security of Seadrill Limited. The bonds have
not been and will not be registered under the Securities Act or any state
securities laws. Unless so registered, the bonds may not be offered or sold in
the United States except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state securities laws.

The statements in this press release that are not historical facts may be
forward-looking statements. These forward-looking statements, which include
statements involving the contemplated bond offering, involve risks and
uncertainties that could cause the outcome to be materially different. These
risks and uncertainties include, but are not limited to, the possibility that
the bond issuance may not be completed in the aggregate principal amount
contemplated, or at all, and those discussed in Seadrill Limited's public
filings with the U.S. Securities and Exchange Commission. Seadrill Limited
undertakes no obligation to revise or update any forward looking statements,
unless required to do so under the securities laws.




[HUG#1581264]