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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
SDRL - Operational update fourth quarter 2012

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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