Seadrill Limited, in cooperation with indigenous partner Field Offshore Design Engineering Nigeria Limited has secured a contract with Esso Exploration and Production Nigeria Limited, an ExxonMobil subsidiary, for employment of the newbuild ultra-deepwater drillship West Saturn, in support of the ERHA North Phase 2 project in Nigeria.

The contract is for a firm period of two years plus a one year option and has a total revenue potential for Seadrill and Field Offshore Design Engineering Nigeria Limited for the primary contract term of approximately US$497 million, inclusive of mobilization.

The West Saturn is a 6th generation drillship, currently under construction at Samsung Heavy Industries in Geoje, South Korea with expected delivery in September 2014 and marks the sixth Seadrill unit to commence operation in the last 12 months. The unit will initially be outfitted to work in up to 10,000 ft. of water and is capable of handling two BOP's, operating in up to 12,000 ft. of water and drilling depths up to 40,000 ft.

Per Wullf, Seadrill CEO commented, "We are very pleased to be chosen by ExxonMobil, its partners, and Field Offshore Design Engineering Nigeria Limited for this important project. The West Saturn is Seadrill's third rig in Nigeria, working alongside the West Jupiter and West Capella. The expansion of our presence in Nigeria is a result of our best in class operating standards, employees, and assets. We are proud to expand our business with these key customers and look forward to continued successful working relationships."

About Seadrill

Seadrill is a leading offshore deepwater drilling company, aiming to be our customers' most important partner in making oil and gas available in a safe and cost-effective manner.

The company operates a versatile fleet of 69 units that comprises drillships, jack-up rigs, semi-submersible rigs and tender rigs for operations in shallow to ultra-deepwater areas in harsh and benign environments.