Barclays Energy & Power ConferenceCEO – Per WullfSeptember 2014

Forward Looking Statements

The statements described in this presentation that are not historical facts are forward-looking statements

within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange

Act of 1934. Forward-looking statements which could be made include, but are not limited to, statements

involving prospects for the Company, expected revenues, capital expenditures, costs and results of

operations and contingencies and other factors discussed in the Company's most recent annual report on

the Form 20-F for the year ended December 31, 2013 and in the Company's other filings with the SEC,

which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks

or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary

materially from those indicated. All subsequent written and oral forward-looking statements attributable to

the Company or to persons acting on our behalf are expressly qualified in their entirety by reference to

these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each

forward-looking statement speaks only as of the date of the particular statement, and we undertake no

obligation to publicly update or revise any forward-looking statements.

2

Snapshot of Operations to Date

3

# of Rigs in Five Regions51

# of Newbuilds Under Construction18

Year to date TRI – total number of recordable injuries

65

Year to Date Technical Utilization94.7%

Robust Backlog & High Quality Customers

2.9

5.6

4.1

3.2

4.7

1.4

4

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2014 2015 2016 2017 2018 Remaining

US

$ M

illio

ns

Seadrill Group Current BacklogUS$23.3 billion

Seabras Sapura Participacoes

50% of US$3.8 billion

30% of US$8.7 billion

Record Breaking Earnings

• Seadrill Group generates consolidated

EBITDA of US$865 million for the second

quarter 2014

• Economic utilization for the Group’s floaters

on a consolidated basis was 94 percent

• Seadrill Limited maintains the quarterly cash

dividend of $1.00 dollar per share

5

573 579612

575 595634

574604

713665 663

768 788

865

0

100

200

300

400

500

600

700

800

900

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

US

$ M

illio

ns

Quarterly EBITDA (proforma consolidated)

Gain on sale of assets

0.75 0.75 0.760.8

0.820.84 0.85 0.85

0.880.91

0.950.98

1.00 1.00

0.15

0.00

0.20

0.40

0.60

0.80

1.00

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

US

$

Dividend distribution per share

Extraordinary dividend

9497 97

93 94 95

8286

92 94 94 94

88

94

0

10

20

30

40

50

60

70

80

90

100

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

Utiliz

ation (

%)

Ultra-Deepwater Economic Utilization (proforma consolidated)

Second Quarter Highlights

• Seadrill secures a 5 year contract for the West Jupiter in Nigeria with a total revenue potential for the of approximately US$1.1 billion.

• Seadrill secures contracts for the jack-up units West Tucana, West Telesto, West Ariel, and West Prospero and extends contract for the West Mischief. The total revenue potential for the new contracts is approximately US$433 million.

• Seadrill sells 230 million shares of SapuraKencana raising approximately US$300 million in proceeds.

• North Atlantic Drilling announces extensive Investment and Co-operation Agreement with Rosneft to partner in the Russian market.

• Seadrill Partners completes US$1.1 billion add-on term loan B

6

Third Quarter to Date Highlights

7

• Seadrill secures a 2 year contract with ExxonMobil for the West Saturn in Nigeria with total revenue potential for of approximately US$497 million

• Seadrill sells an additional 28% interest in Seadrill Operating LP to Seadrill Partners for approximately US$373 million.

• North Atlantic Drilling secures 5 contracts with Rosneft commencing in Russian waters from 2015 through 2017 with a total revenue potential for the primary contract term of US$4.1 billion.

• North Atlantic Drilling enters into agreement to acquire a significant portion of Rosneft'sland drilling fleet in Russia. Rosneft will receive a 30% ownership stake in NADL.

• Seadrill receives commitments for a US$1.35 billion credit facility to refinance the credit facilities secured by the West Pegasus, West Gemini, and West Orion

• Seadrill completes voluntary exchange offer for US$650mm convertible bond

• Seadrill completes US$1.5 billion ECA facility to finance the West Saturn, West Neptune, and West Jupiter.

Financial performance highlights

Appendix:Seadrill Limited Financials

8

Seadrill Strategy & Market Outlook

9

Remember What They Said….

…Where did we go from there?

10

Evolution of Seadrill

Seadrill

Group

SDLP

51.1%

Seadrill Capricorn

Holding LLC

Seadrill Partners

Operating LLC

Seadrill Operating LP

NADL

70.4%

Sevan

50.1%

AOD

66.2%

SeaMex

50.0%

SDRL

100%

100%

49%

51% 58%

42%

0

10

20

30

40

50

60

0

10

20

30

40

50

60

70

80

Sh

are

pric

e (U

S$

)Nu

mb

er

of u

nits

Number of units SDRL share price

61

67

6056

414337

32

69

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

5

Robust Long Term Industry FundamentalsWorld oil demand and oil price(1) by scenario

Oil price (right axis):

Oil demand:

Current policies scenario

New policies scenario

450 scenario

Current policies scenario

New policies scenario

450 scenario

110

100

90

80

70

60

50

1980 1990 2000 2010 2020 2030 2035

0

50

100

150 Dolla

rs p

er b

arre

l (2011)

(mb/d

)

(1) Average IEA crude oil import price

Tight supply–demand balance going forward

1970

1973

1976

1979

1982

1985

1988

1991

1994

1997

2000

2003

2006

2009

2012

2015

2018

2021

2024

2027

2030

100

80

60

40

20

0

2035

New policy

450 scenario

Current status of total production potential

Discovered

Under development

Producing

Abandoned

Seasonal (other liquids)

Commercial volumes at forward curve

Undiscovered

20202012

27 mbbl/d needed

Global change of supply of liquids from 2012 to 2020

105

100

95

90

85

80

75

70

65

Production2012

Declineconventional

NewOnshore

NewShale/tight

New Oilsands/extra

heavy

Newoffshore

Supplypotential

2020

Likelysupply 2020

New NGLs+bio+other

Not sanctioned

Sanctioned

Producing

89.6 20.3

8.0

4.3

4.0

16.5 101.9 100

90

80

70

60

50

40

30

20

10

00 10 20 30 40 50 60 70 80 90 100

Onshore Middle East

2741

Offshore Shelf

Heavy Oil47

50

OnshoreRussia

OnshoreRoW

51

Deep Water

52

Ultra deepwater56

Nam Shale

65

Arctic75

Oil sands70

Bre

nt

equiv

ale

nt

bre

akeven p

rice(U

S$)

Deep and ultra-deep well positioned on cost curve

Projects performing under expectations

(mb/d

)

(mb/d

)

Total liquids production (mb/d)

11

Group Waterdepth Produced (bn boe) Discovered (bn boe) Replacements (ratio)

Off-shore

Ultra Deepwater: 7,500 ft 1 8

Deep / Mid: 400 - 7,599 ft 63 154

Shelf: 400 ft 163 77

Total 227 239

On-shore On-shore 485 456

On-shoreOff-shore

Global 712 695

Source: Rystad Energy research and analysis, UCube

Discovered resources 1980 to 2013

Resources discovered and produced 2000-2013

16.4

2.5

0.5

1.1

0.9

1.0

Recent Discoveries to Become Produced Volumes

12

-

40,000

80,000

120,000

160,000

1980 1985 1990 1995 2000 2005 2013

(mill

ions b

oe)

Shelf Deep/Mid Water Ultra deepwater

Floaters – US$17.4 Billion Contract Backlog

Contract coverage

Contracted

Uncontracted

2014 2015

13

2016

97%

3%

78%

22%

60%

40%

Proforma consolidated backlog

Unit Customer

West Tellus Chevron $635

West Carina - Newbuild

West Draco - Newbuild

West Dorado - Newbuild

West Aquila - Newbuild

West Libra - Newbuild

West Saturn ExxonMobil Newbuild US$633,750

West Capella ExxonMobil US$627,500

West Gemini Total US$656,000

West Neptune LLOG Newbuild Transit US$570,000

West Polaris ExxonMobil US$656,736 03.2018

West Jupiter Total Newbuild Transit US$567,000 11.2019

West Navigator Shell / Centrica Energi NUF / Rosneft US$589' US$628' Rosneft 01.2020

West Auriga BP US$565,000 10.2020

West Vela BP US$565,000 11.2020

Sevan Developer - Newbuild

West Taurus Petrobras US$656,662

West Eminence Petrobras US$624,460

West Venture Statoil US$448,000

West Phoenix Total US$465,000

Sevan Driller Petrobas US$421,641

West Orion Petrobras US$624,460

West Pegasus PEMEX US$555' US$461,362 Market Rate

West Eclipse Total US$450,000 US$455,000

Sevan Louisiana LLOG US$505,000

West Aquarius ExxonMobil US$540,000 US$615,000

West Hercules Statoil US$503,000 US$503,000

West Capricorn BP US$495,650 US$495'

West Leo Tullow Oil US$605,000 07.2018

Sevan Brasil Petrobas US$396,572 07.2018

West Sirius BP US$490 US$535,000 07.2019

West Mira Husky Newbuild Transit US$590,000 06.2020

West Rigel Rosneft Newbuild Rosneft 07.2020

West Alpha ExxonMobil / Rosneft US$537,000 US$552,000 Rosneft

Option Yard or transit period

2Q 3Q 4QD

rill

ship

sS

em

i-su

bm

ers

ible

s4Q 1Q 2Q 3Q 4Q 1Q2Q 3Q 4Q 1Q 2Q 3Q

2014 2015 2016 2017

Strongest Fleet Profile in the Industry

79%

64%

63%

28%

3%0%

20%

40%

60%

80%

100%

0

10

20

30

40

50

60

70

80

Diamond Transocean Noble Ensco Seadrill Group

Floater Age

Total delivered floater fleet by end of 2016

# floaters built before 2000

% of floater fleet built before 2000

Source: IHS PetroData- Free and Clear Availability- Includes stacked units- Total fleet measured including deliveries until end of 2016

20

6 6

11 12

42

22

11

7

1

81%

74%

63% 62%

38%

0%

20%

40%

60%

80%

100%

0

10

20

30

40

50

60

70

80

Transocean Diamond Noble Ensco Seadrill Group

Free and Clear Floater Availability Until End of 2016

Floaters > 7,500 ft Floaters 0 - 7,500 ft % of floater fleet

14

Preferential Demand for Newer Rigs

• Challenges of remote drilling sites

• Drilling deeper wells with longer offsets

• Greater drilling efficiency to reduce total well

costs

• Advances in well construction techniques

• More demanding downhole environments (e.g.,

high pressure and high temperature drilling)

• Increasingly demanding regulatory climate

Bifurcation is a Reality

Industry trends Contract Backlog UDW & DW

14,000

12,000

10,000

8,000

6,000

4,000

2,000

10

Apr-

03

Apr-

04

Apr-

05

Apr-

06

Apr-

07

Apr-

08

Apr-

09

Apr-

10

Apr-

12

Apr-

13

Apr-

11

Apr-

14

Backlo

g m

onth

s

DW UDW Total

Source: Fearnley’s 15

Jack-ups - US$5.5 Billion Contract Backlog

97%

3%

Contracted

Uncontracted

2014

2015

Note: Backlog generated by the tender rigs (T15, T16 and West Vencedor) is US$0.4 billion.16

73%

27%

2016

58%

42%

Proforma consolidated backlog

Unit Customer

West Epsilon Statoil US$289,000

West Elara Statoil US$365,000 03.2017

West Linus ConocoPhillips US$377,000 05.2019

West Titania - Transit

West Cressida PTTEP / Kris Energy US$129 $155

West Vigilant Talisman US$167,000

West Triton KJO US$145,000

West Titan - Newbuild

West Leda ExxonMobil US$165,000

West Telesto Premier / Origin Energy Limited US$156,975 US$265,000

West Mischief ENI US$175,000 US$195,000

West Proteus - Newbuild

West Rhea - Newbuild

West Tethys - Newbuild

West Hyperion - Newbuild

West Umbriel - Newbuild

West Dione - Newbuild

West Prospero Lundin US$155,700

AOD l Saudi Aramco US$180,000

West Castor Shell US$155,000

AOD ll Saudi Aramco US$180,000

West Mimas - Newbuild

West Ariel ENI US$205,000

AOD lll Saudi Aramco US$180,000

West Resolute KJO US$140,000 US$140,000

West Callisto Saudi Aramco US$150,000

West Freedom Repsol / Cardon IV US$225,000

West Tucana PVEP / Cabina Gulf Oil US$167,000 Transit US$220,000 05.2017

West Oberon PEMEX US$171,500 05.2020

West Defender PEMEX US$155,500 08.2020

West Intrepid PEMEX US$155,500 01.2021

West Courageous PEMEX US$155,500 06.2021

Option Yard or transit period

HE

Ja

ck-u

ps

BE

Ja

ck-u

ps

1Q 2Q 3Q 4Q3Q 4Q 1Q 2Q 3Q 4Q2Q

2014 2015 2016

Jack-Up Market Fundamentals

0

10

20

30

40

50

60

70

2014 2015 2016 2017

Jack-up Delivery Schedule

0

50

100

150

200

250

> 30 years 20 and 30years

10 and 20years

5 and 10years

< 5 years

Years

Jack-up Fleet Age

• Current Jack-up market is tight, however…

• 139 Jack-ups to be delivered until the end of 2017, or ~30% addition to supply� This picture is not as bad as it seems…

• 222 rigs in the current fleet are in excess of 30 years old, and scrapping of units likely

• Long term fundamentals are intact, operators continue to appreciate benefits of high specification units

Source: IHS PetroData 17

• 32 6th generation ultra-deepwater units

• 2 Midwater harsh environment semi-submersible rigs

• 29 High-specification jack-ups

• 3 Harsh environment jack-ups

• 3 Tender rigs

Core Assets

Financial Investments

8.18% of SapuraKencana –

Market Value ~US$670mm

50.11% of Sevan Drilling –

Market Value ~US$140mm

39.9% of Archer –

Market Value ~US$400mm

18