Seadrill Confirms Contract For West Capella


HAMILTON, Bermuda, Sept. 10, 2007 (PRIME NEWSWIRE) -- Reference is made to the Letter of Intent disclosed to the Oslo Stock Exchange April 30, 2007 regarding the assignment awarded to one of the newbuild deepwater units. Seadrill today confirms that a consortium of international operators has signed the award for the long-term contract to utilize the ultra deepwater drillship West Capella on a world wide assignment.

The contract has a firm duration of five years, and estimated contract value is approximately US$970 million, including mobilization fee.

West Capella is currently under construction at the Samsung Shipyard in South Korea and is scheduled for commencement of operations in the first quarter 2009.

Seadrill Limited

Hamilton, Bermuda

September 10, 2007


            

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