EMS divest trading activity in Spain and acquire own shares as part of the transaction

Limasol, Cyprus, April 13, 2010 – Hemen Holdings Ltd, a company indirectly controlled by trusts affiliated with Seadrill’s Chairman John Fredriksen and his family, has settled a Total Return Swap agreement (TRS) underlying 3,500,000 shares in Seadrill Limited expiring April 12, 2010. Hemen Holding Limited has in connection with the private placement in Seadrill participated in the subscription and been allocated 400.000 shares. This exposure has subsequently been arranged as TRS agreement. In addition Hemen has acquired another new TRS agreement with exposure to 3,500,000 shares. Expiry date for the total TRS with exposure to 3,900,000 shares is July 12, 2010, and the TRS price is NOK153.258 per share. Hemen Holding Limited’s and John Fredriksen’s ownership in Seadrill is following this transaction 133,097,583 shares, constituting 32.28 percent of
the issued share capital. In addition, Hemen indirectly and directly control TRS agreements with total exposure to 3,900,000 shares in Seadrill Limited.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

[HUG#140291

Source: Millistream

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