Specializing in International Freight Forwarding, by way of ocean, air, rail and truck freight-RISINGSUN

On March 7, 2008, Seadrill sold 13,948,000 shares in Odfjell Invest ASA and simultaneously entered into a forward contract for the equivalent number of shares with due date on September 8, 2008. Following these transactions, Seadrill controlled 13,948,000 shares corresponding to 10.01 percent of the outstanding shares.

On March 26, 2008, Seadrill bought back all the shares in the forward contract and simultaneously sold the shares at NOK 20.00. Seadrill has after this no ownership interests in Odfjell Invest ASA.

The Board of Seadrill is of the opinion that the bid price for the shares does not fully reflect the true value of Odfjell Invest. However, based on the following factors the Board decided after a thorough evaluation to sell the shares;

The bid price, when measured in USD (Seadrill’s functional currency), increased effectively in the bidding period as a function of the strengthening of NOK versus USD.

The possibility of ending up in a long term minority position without direct access to cashflow.

In the current business environment there may be more attractive alternative investments proposals for Seadrill.

The net profit from the sale was approximately USD 6 million and will be recorded in first quarter 2008.

Seadrill: Disclosure regarding Odfjell Invest ASA