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Seadrill Limited Consolidated Financial Statements for the Periods Ended December 31, 2006 and 2005 06 Seadrill Aarsrapport06 14-09-07 19:20 Side 2

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Seadrill Limited Consolidated Financial Statements for the Periods Ended December 31, 2006 and 2005 06 Seadrill Aarsrapport06 14-09-07 19:20 Side 2 seadrill_aarsrapport06 14-09-07 19:20 Side 1 Seadrill Limited Consolidated Financial Statements For the Periods ended December 31, 2006 and 2005 06 seadrill_aarsrapport06 14-09-07 19:20 Side 2 2 seadrill_aarsrapport06 14-09-07 19:20 Side 3 SEADRILL ANNUAL REPORT 2006 3 Contents Index to Consolidated Financial Statements Auditors' Report..............................................................................................................................F-1 Consolidated Statement of Operations for the year ended December 31, 2006 and for the period from May 10, 2005 (inception) to December 31, 2005......................................F-2 Consolidated Balance Sheets as of December 31, 2006 and as of December 31, 2005 ............F-3 Consolidated Statement of Cash Flows for the year ended to December 31, 2005 and for the period from May 10, 2005 (inception) to December 31, 2005...............................F-4 Consolidated Statements of Comprehensive Income for the year ended December 31, 2006 and for the period from May 10, 2005 (inception) to December 31, 2005 .....................F-6 Consolidated Statement of Changes in Shareholders’ Equity for the year ended December 31, 2006 and for the period from May 10, 2005 (inception) to December 31, 2005......................................................................................................................F-7 Notes to Consolidated Financial Statements for the years ended December 31, 2005 and 2006 .............................................................................................................................F-8 Appendix 1: Norwegian code for Corporate Governance seadrill_aarsrapport06 14-09-07 19:20 Side 4 4 Report of Auditors To the Shareholders and Board of Directors of Seadrill Limited We have audited the accompanying consolidated balance sheet of Seadrill Limited and its subsidiaries (the Company) as of December 31, 2006 and the related consolidated statement of operations, comprehensive income, cash flows and changes in shareholders’ equity for the year ended December 31, 2006. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of the Company as of December 31, 2005 and for the period from May 10, (inception) to December 31, 2005 was audited by other auditors whose report dated May 29, 2006 expressed an unqualified opinion on those statements. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Seadrill Limited and subsidiaries at December 31, 2006, and the results of their operations and their cash flows for the period then ended in conformity with accounting principles generally accepted in the United States of America. PricewaterhouseCoopers AS Stavanger, Norway September 14, 2007 F-1 seadrill_aarsrapport06 14-09-07 19:20 Side 5 SEADRILL ANNUAL REPORT 2006 5 Seadrill Limited Consolidated Statement of Operations for the year ended December 31, 2006 and for the period from May 10, 2005 (inception) to December 31, 2005 (In millions of US dollar, except per share data) Year ended Period from December May 10 31, 2006 (inception) to December 31, 2005 Operating revenues Contract revenues 942.3 26.6 Reimbursables 109.0 1.7 Other revenues 103.3 – Total operating revenues 1,154.6 28.3 Operating expenses Vessel and rig operating expenses 587.8 23.3 Reimbursables expenses 103.4 1.7 Depreciation and amortisation 167.6 12.9 General and administrative expenses 69.7 5.8 Total operating expenses 928.5 43.7 Operating income (loss) 226.1 (15.4) Financial items Interest income 14.0 1.7 Interest expenses (79.8) (0.9) Share in results from associated companies 26.6 2.7 Other financial items 80.0 6.0 Total financial items 40.8 9.5 Income (loss) before income taxes and minority interest 266.9 (5.9) Income taxes (22.4) (1.6) Minority interest in net income of subsidiaries (30.4) (0.1) Net income (loss) 214.1 (7.6) Earnings (loss) per share (US dollar) 0.61 (0.04) Diluted earnings (loss) per share (US dollar) 0.61 (0.04) See accompanying notes that are an integral part of these Consolidated Financial Statements. F-2 seadrill_aarsrapport06 14-09-07 19:20 Side 6 6 Seadrill Limited Consolidated Balance Sheet as of December 31, 2006 and as of December 31, 2005 (In millions of US dollar) December December 31, 2006 31, 2005 ASSETS Current assets Cash and cash equivalents 210.4 51.8 Marketable securities 105.9 302.3 Accounts receivables 194.1 11.5 Other current assets 246.2 10.3 Total current assets 756.6 375.9 Non-current assets Investment in associated companies 238.1 152.8 Newbuildings 2,025.4 439.3 Drilling units 2,293.3 177.7 Goodwill 1,256.5 – Deferred tax assets 109.7 – Other non-current assets 63.1 3.3 Total non-current assets 5,986.1 773.1 Total assets 6,742.7 1,149.0 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Short-term interest bearing debt 255.4 137.4 Other current liabilities 477.2 33.2 Total current liabilities 732.6 170.6 Non-current liabilities Long-term interest bearing debt 2,559.3 176.8 Deferred taxes 324.8 – Other non-current liabilities 199.0 – Total non current liabilities 3,083.1 176.8 Commitments and contingencies – – Minority interest 208.1 1.4 Shareholders' equity Paid-in capital 2,449.8 725.4 Accumulated other comprehensive income (loss) (2.7) 82.4 Accumulated earnings (loss) 258,3 (7.6) Other 13.5 – Total shareholders' equity 2,718.9 800.2 Total liabilities and shareholders' equity 6,742.7 1,149.0 See accompanying notes that are an integral part of these Consolidated Financial Statements. F-3 seadrill_aarsrapport06 14-09-07 19:20 Side 7 SEADRILL ANNUAL REPORT 2006 7 Seadrill Limited Consolidated Statement of Cash Flows for the year ended December 31, 2006 and for the period from May 10, 2005 (inception) to December 31, 2005 (In millions of US dollar) Year ended Period from December May 10 31, 2006 (inception) to December 31, 2005 Cash Flows from Operating Activities Net income (loss) 214.1 (7.6) Adjustment to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 167.6 12.9 Amortisation of deferred loan charges 6.3 0.1 Share of results from associated companies (26.6) (2.7) Share-based compensation expenses 9.6 - Fair value of equity share swap - (5.3) Income attributable to minority interest 30.4 0.1 Gain on disposal of other investments (83.6) (0.8) Difference between paid and expensed taxes 10.1 - Changes in working capital items: Trade accounts receivable and other short-term receivables (283) (9.1) Trade accounts payable and other short-term liabilities 142,5 8.9 Accrued expenses/deferred revenue (13,2) 13.9 Net cash provided by operating activities 174,2 11.2 See accompanying notes that are an integral part of these Consolidated Financial Statements. F-4 seadrill_aarsrapport06 14-09-07 19:20 Side 8 8 Seadrill Limited Consolidated Statement of Cash Flows for the year ended December 31, 2006 and for the period from May 10, 2005 (inception) to December 31, 2005 (In millions of US dollar) Year ended Period from December May 10 31, 2006 (inception) to December 31, 2005 Cash Flows from Investing Activities Additions to newbuildings (1,159,7) (247.5) Additions to rigs and equipment (36,1) (21.3) Sale of equipment 7.6 - Investment of subsidiaries (goodwill) - (19.1) Acquisition of subsidiary (2,595.8) - Cash assumed in purchase of the subsidiaries 412.8 18.8 Investment in associated companies (4.9) (31.3) Purchase of marketable securities (126.8) (2.1) Sale of marketable securities 322.6 48.7 Net cash used in investing activities (3,180,3) (253.8) Cash Flows from Financing Activities Proceeds from long term debt 1,979.8 210.0 Proceeds from short term debt 98.2 46.7 Repayments of short term capital lease obligations (11.3) (4.8) Repayments of short term debt (48.8) - Repayments of long term debt (593.9) (164.3) Debt fees paid (31.9) (1.1) Contribution by minority interests 45.0 - Proceeds from issuance of equity 1,741.8 206.3 Issuance costs in connection with issuance of equity (17.3) (1.6) Net cash provided by financing activities 3,161.6 294.4 Effect of exchange rate changes on cash and cash equivalents 3.1 - Net increase in cash and cash equivalents 158.6 51.8 Cash and cash equivalents at beginning of the period 51.8 – Cash and cash equivalents at the end of the period 210.4 51.8 Interest paid (108.1) (3.4) Taxes paid (11.6) (1.4) See accompanying notes that are an integral part of these Consolidated Financial Statements. F-5 seadrill_aarsrapport06 14-09-07 19:20 Side 9 SEADRILL ANNUAL REPORT 2006 9 Seadrill Limited Consolidated Statements of Comprehensive Income for the year ended December 31, 2006 and for the period from May 10, 2005 (inception) to December 31, 2005 (In millions of US dollar) Period from May 10 Year ended (inception) December to December 31, 2006 31, 2005 Net income (loss) 214.1 (7.6) Change in unrealised gain/loss on marketable securities (82.4) 82.4 Change in unrealised foreign exchange differences 51.8 - Comprehensive Income 183,5 74.8 December December 31, 2006 31, 2005 Comprehensive Income items beginning of period 82.4 - Unrealised gain/loss on marketable securities (82.4) 82.4 Implementation of FASB Statement No.
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