Reference is made to the announcement on June 27, 2013 where Seadrill Limited announced that it had acquired 116,934,875 shares in Sevan Drilling ASA (Sevan Drilling) at a price of NOK 3.95 per share (the "Acquisition") and its intention to launch a mandatory offer for all the outstanding shares in Sevan Drilling not owned by Seadrill.

Seadrill hereby announces the launch of the Offer on the terms and conditions set out in the offer document dated July 24, 2013. A cash consideration of NOK 3.95 per share will be offered, equalling the cash offer in the completed Acquisition. The acceptance period commences tomorrow and expires at 16:30 (CET) on August 22, 2013.

The Offer will not be made in any jurisdiction in which the making of the Offer would not be in compliance with the laws of such jurisdiction. The Offer will not be made in or into Canada, Australia or Japan. This notification does not in itself constitute an offer. The Offer will only be made on the basis of the offer document dated July 24, 2013 and can only be accepted pursuant to the terms of such document.

Tags: Seadrill, Sevan Drilling AS