Reference is made to the Letter of Intent disclosed to the Oslo Stock Exchange July 10, 2007 regarding the assignment awarded to the
ultra deepwater semi-submersible drilling unit West Aquarius. Seadrill confirms that the operator ExxonMobil has signed the award for the long-term contract to utilize West Aquarius for international exploration activities.
The contract has a firm duration of three years and estimated contract value is approximately $570m.
West Aquarius is currently under construction at Daewoo Shipbuilding and Marine Engineering (DSME) in South Korea and is scheduled for commencement of operations at the end of the third quarter of 2008.