Deutsch Bank Leveraged Finance ConferenceJohn Roche – Corporate Finance & Investor Relations Di rectorSeptember 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

What Makes Seadrill Unique?

3

High Degree of Equity Funding

1 Strategic Focus on Premium Asset Classes

Robust Backlog and High Quality Customers2

Limited Exposure to Current Dayrate Environment 3

4

Balanced Capital Structure5

Long Term Commitment from John Fredriksen6

Scale & Strategic Focus on Premium Asset Classes

…with a Modern Fleet…One of the largest Offshore Drillers… …and Exposure to Premium Segments

Source: ODS Petrodata. 4

0

5

10

15

20

25

30

35

40

Num

ber

of U

nits

Ultra-Deepwater Units

05

101520253035404550

Num

ber

of U

nits

Jack-up Units

0.0 10.0 20.0 30.0 40.0

Paragon Offshore

Diamond Offshore

Ensco

Shelf Drilling

Aban Offshore

Rowan

COSL

Noble

Maersk Drilling

Transocean

Vantage Drilling

Atwood

Seadrill

Average Jack-up Age

0.0 10.0 20.0 30.0 40.0

Diamond Offshore

Transocean

COSL

Atwood

Ensco

Noble

Maersk Drilling

Seadrill

Ocean Rig

Pacific Drilling

Vantage Drilling

Average UDW Floater Age

0%10%20%30%40%50%60%70%80%90%

100%

% o

f Tot

al F

loat

ers

% Ultra-Deepwater of Total Floaters

0%10%20%30%40%50%60%70%80%90%

100%

% o

f Tot

al F

loat

ers

% of Jack-up Fleet > 350' Water Depth

Robust Backlog & High Quality Customers

2.9

5.6

4.1

3.2

4.7

1.4

5

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 billionRemaining

6

Limited Exposure to Current Dayrate Environment

(1) Based on LTM average for the West Sirius, West Leo, West Aquarius and West Capella(2) Assuming $450 million of debt @ L+ 3%(3) Assuming 10% amortization per year(4) Assumes 95% utilization and 4.25% tax on revenuesSource: Morgan Stanley and Rystad Energy

Floater Contract Coverage

2014 2015 2016

$175 $198$239

$359$23$41

$120$515

Opex G&A EBITDABreakeven

Interest Expense OperationalBreakeven

PrincipalRepayment

Cash FlowBreakeven

Dayrate

$156,000 / dayCash Cushion

(1) (2) (3) (4)(1)

96%

4%

80%

20%62%

38%

Consistent Access to Equity Funding

West Sirius / West Leo Dropdown

11.2 million shares of SDLP raising approximately $330 million in equity proceeds

West AurigaDropdown

10.4 million shares of SDLP raising approximately $318 million in equity proceeds

NADL IPO

North Atlantic Drilling listed on NYSE with $125 million IPO

Access to Funding, High Utilization, Large Backlog ���� Stability in Current Market

7

OPCO Unit Dropdown

6.1 million shares of SDLP raising approximately $200 million in equity proceeds

September Equity

Offering

8 million shares of SDLP raising approximately $256 million in equity proceeds

Balanced Capital Structure with Staggered Debt Matu rities

88

US$3bn Reduction in Bank & ECA Debt in 2014

60%18%

17%

5%

Secured Unsecured TLB MLP

Current Capital Structure2009 Capital Structure

84%

16%

Secured Unsecured

0

1,000

2,000

3,000

4,000

2014 2015 2016 2017 2018 2019 2020

Jan-14 Aug-14

Debt Maturity Profile

Illustrative Funding Profile

9Proforma consolidated

Well Defined & Manageable Funding Requirements

0

500

1,000

1,500

2,000

2,500

2014 2015 2016

US$

Mill

ion

s

Contracted Uncontracted

2014 is fully financed

Remaining Yard Instalments

Floaters

• West Rigel

• West Mira

• West Carina

2015 Funding Required

2016 Funding Required

Jack-ups

• West Titan

• West Proteus

• West Rhea

• West Tethys

Floaters

• West Draco

• West Dorado

• West Aquila

• West Libra

Jack-ups

• West Hyperion

• West Umbriel

• West Dione

• West Mimas

The Fredriksen Group

Market Cap: ~$13.4bn

Market Cap: ~$1.6bn

Market Cap: ~$0.5bnMarket Cap: ~$0.8bn

Market Cap: ~$0.1bn

Note: Market Capitalization as of September 26, 2014

Market Cap: ~$2.9 billion

Market Cap: ~$5.7bn

10

Financial performance highlights

Appendix:Seadrill Limited Financials

11

Seadrill Strategy

12

Remember What They Said….

…Where did we go from here?

13

The World’s Leading Drilling Company

SeadrillGroup

SDLP46.6%

NADL70.4%

Sevan 50.1%

AOD66.2%

SeaMex50.0%

0

10

20

30

40

50

60

70

80

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Num

ber

of R

igs

5

69

Strongest Fleet Profile in the Industry

79%

64%63%

28%

3%0

10

20

30

40

50

60

70

80

Diamond Transocean Noble Ensco SeadrillGroup

% of Fleet Older than 15 Years

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

6 611 12

42

2211

71

81%74%

63% 62%

38%

Transocean Diamond Noble Ensco SeadrillGroup

Free and Clear Floater Availability Until End of 2016

Floaters > 7,500 ft Floaters 0 - 7,500 ft

% of floater fleet

14

Financial performance highlights

Appendix:Seadrill Limited Financials

15

Upstream & Drilling Market Outlook

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

Off-shore

Ultra Deepwater: 7,500 ft 0.5 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

16

-

40,000

80,000

120,000

160,000

1980 1985 1990 1995 2000 2005 2013

(mill

ions

boe

)

Shelf Deep/Mid Water Ultra deepwater

Margin Drives Long Term Investments

(1) Average IEA crude oil import priceSource: Morgan Staley Equity Research 17

0

10

20

30

40

50

60

70

80

90

100

0 10 20 30 40 50 60 70 80 90 100

Onshore Middle East

Offshore Shelf

Heavy Oil

Onshore Russia

Onshore RoW Deepwater

Ultradeepwater

NAm Shale

Oilsands$27$41

$47

$50 $51 $52

$56

$65

$70

Arctic$75

Deep and Ultra-deep Well Positioned on Cost Curve

Preferential Demand for Newer Rigs

Bifurcation is a Reality

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

Bac

klog

mon

ths

DW UDW Total

Source: Fearnley OffshoreSource: Pareto Securities AS

Operating Water Depth

12%

47%

41%

Above 7,500 ft 4,500 - 7,499 ft Below 4,500 ft

18

Jack-Up Market Fundamentals

• 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 y ears old, and scrapping of units likely

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

Source: IHS PetroData

Jack-up Fleet Age Jack-up Delivery Schedule

0

50

100

150

200

250

> 30 years 20 and 30years

10 and 20years

5 and 10years

< 5 years

Num

ber

of R

igs

0

10

20

30

40

50

60

70

2014 2015 2016 2017

19

Financial performance highlights

Appendix:Seadrill Limited Financials

20

Seadrill Partners

Long Term Contracts & High Quality Customers

• Long-term contracted modern deepwater drilling assets

• Managed growth via dropdowns and third-party acquisitions

• No newbuild construction and startup risk

(NYSE: SDLP)

Market Cap: ~$2.9 billion(1)

(1) As of September 29, 2014

Key Characteristics

West Vencedor US$213,931

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

West Capella US$627,500

West Capricorn US$495,650 US$495,650

West Leo US$605,000

T-15 US$122,723

T-16 US$121,268

West Sirius US$490,173 US$535,000

West Auriga US$565,000 10.2020

Contracted Option Period

2014

2Q2Q 2Q 3Q 4Q1Q 4Q3Q3Q 4Q

2016 2017

3Q

2018 2019

1Q 2Q 3Q 4Q1Q4Q 1Q3Q 1Q 2Q1Q 2Q 4Q

2015

21

Significant Progress Since IPO – More Growth to Come

Major Events to Date

•Tender rig T-15 acquired for US$210 million

•Tender rig T-16 acquired for US$200 million

•West Sirius and West Leo acquired for a total consideration of US$2.3 billion on a 100% basis

•US$1.8 billion term loan B and US$100 million revolver executed, creating a more efficient capital structure

•West Auriga acquired for US$1.24 billion on a 100% basis

•US$1.1 billion add-on term loan B

•Public offering of US$192 million, and private placement to Seadrill Limited of $100 million

•Acquired an additional 28% interest in Seadrill Operating LP for approximately $373 million

•Public offering of US$256 million

40% increase since IPO

7% increase for West Auriga

aquisition

1.55

1.67

1.78

2.03

2.17

1.50

1.75

2.00

2.25

IPO T-15 T-16 Sirius / Leo Auriga

Ann

ualiz

ed D

istr

ibut

ions

per

Uni

t ($)

22

Add-on Term Loan B Refinancing

Refinances Existing Debt Facilities

• Issued $1.1bn add-on to existing $1.8bn Term Loan B facility

• More efficient 1% annual amortization profile

• Frees additional funds to re-invest in fleet growth

• Debt maturity profile staggered against contract rollovers and extends maturity profile

• Priced at existing rate of Libor plus 3%, swapped to fixed of ~5.5%

T-15

T-16

Borrower Group

Seadrill Capricorn

Holdings LLC

53.4%46.6%

Seadrill Operating LP

Seadrill Partners LLC(NYSE: SDLP)

Seadrill Limited(NYSE: SDRL)

Seadrill Partners

Operating LLC

Public Unit Holders

West Aquarius

West Capella (56%)

West Vencedor

West Leo

West Capricorn

West Auriga

West Sirius

100% 58.0% 51.0%

23

Growth - Additional UDW rigs from Seadrill

24

Unit Customer

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

West Vela BP US$565,000 11.2020

West Auriga BP US$565,000 10.2020

West Rigel Rosneft Newbuild Rosneft 07.2020

West Mira Husky Newbuild Transit US$590,000 06.2020

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

West Jupiter Total Newbuild Transit US$567,000 11.2019

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

Sevan Brasil Petrobas US$396,572 07.2018

West Leo Tullow Oil US$605,000 07.2018

West Polaris ExxonMobil US$656,736 03.2018

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

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

West Neptune LLOG Newbuild Transit US$570,000

West Gemini Total US$656,000

West Capella ExxonMobil US$627,500

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

Sevan Louisiana LLOG US$505,000

West Saturn ExxonMobil Newbuild US$610,000

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

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

West Orion Petrobras US$624,460

Sevan Driller Petrobas US$421,641

West Phoenix Total US$465,000

West Venture Statoil US$448,000

West Eminence Petrobras US$624,460

West Taurus Petrobras US$656,662

West Tellus Chevron $635

Sevan Developer - Newbuild

West Carina - Newbuild

West Draco - Newbuild

West Dorado - Newbuild

West Aquila - Newbuild

West Libra - Newbuild

Option Yard or transit period SDLP Rigs

1Q 2Q 3Q 4Q

Flo

ate

rs

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

20172014 2015 2016

• 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$630mm

50.11% of Sevan Drilling –

Market Value ~US$100mm

39.9% of Archer –

Market Value ~US$320mm

25