Barclays Energy & Power Conference CEO – Per Wullf September 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 Snapshot of Operations to Date

51 # of Rigs in Five Regions

18 # of Newbuilds Under Construction

94.7% Year to Date Technical Utilization

65 Year to date TRI – total number of recordable injuries

3 Robust Backlog & High Quality Customers

Seadrill Group Current Backlog Seabras Sapura Participacoes US$23.3 billion

7,000

6,000 5.6

4.7 5,000 4.1 4,000 3.2 2.9 3,000 50% of US$3.8 billion US$ Millions US$

2,000 1.4

1,000

0 2014 2015 2016 2017 2018 Remaining 30% of US$8.7 billion

4 Record Breaking Earnings

Quarterly EBITDA (proforma consolidated) 865 900 • Seadrill Group generates consolidated 768 788 800 713 EBITDA of US$865 million for the second 665 663 700 634 612 595 604 quarter 2014 573 579 575 574 600

500 • Economic utilization for the Group’s floaters 400

on a consolidated basis was 94 percent Millions US$ 300

200 • Seadrill Limited maintains the quarterly cash dividend of $1.00 dollar per share 100 0 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 Gain on sale of assets

Dividend distribution per share Ultra-Deepwater Economic Utilization (proforma consolidated) 97 97 1.00 100 94 93 94 95 94 94 94 94 1.00 1.00 92 0.98 88 0.15 0.95 90 86 0.91 82 0.88 0.80 0.84 0.85 0.85 80 0.82 0.8 0.75 0.75 0.76 70

0.60 60

50 US$ 0.40 40 Utilization (%) Utilization 30

0.20 20

10

0.00 0 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 Extraordinary dividend

5 Second Quarter Highlights

• Seadrill secures a 5 year contract for the West Jupiter in Nigeria with a total revenue potential for the of approximately US$1.1 billion.

• Seadrill secures contracts for the jack-up units West Tucana, West Telesto, West Ariel, and West Prospero and extends contract for the West Mischief. The total revenue potential for the new contracts is approximately US$433 million.

• Seadrill sells 230 million shares of SapuraKencana raising approximately US$300 million in proceeds.

• North Atlantic Drilling announces extensive Investment and Co-operation Agreement with Rosneft to partner in the Russian market.

• Seadrill Partners completes US$1.1 billion add-on term loan B

6 Third Quarter to Date Highlights

• Seadrill secures a 2 year contract with ExxonMobil for the West Saturn in Nigeria with total revenue potential for of approximately US$497 million

• Seadrill sells an additional 28% interest in Seadrill Operating LP to Seadrill Partners for approximately US$373 million.

• North Atlantic Drilling secures 5 contracts with Rosneft commencing in Russian waters from 2015 through 2017 with a total revenue potential for the primary contract term of US$4.1 billion.

• North Atlantic Drilling enters into agreement to acquire a significant portion of Rosneft's land drilling fleet in Russia. Rosneft will receive a 30% ownership stake in NADL.

• Seadrill receives commitments for a US$1.35 billion credit facility to refinance the credit facilities secured by the West Pegasus, West Gemini, and West Orion

• Seadrill completes voluntary exchange offer for US$650mm convertible bond

• Seadrill completes US$1.5 billion ECA facility to finance the West Saturn, West Neptune, and West Jupiter.

7 Financial performance highlights

Seadrill Strategy & Market Outlook Appendix: Seadrill Limited Financials

8 Remember What They Said….

…Where did we go from there?

9 Evolution of Seadrill

80 69 60 67 70 60 61 56 50

60

40 Share price (US$) 50 43 41 37

40 32 30

Number units Number of 30 20

20

10 10 5

0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Number of units SDRL share price

Seadrill Group

SDLP NADL Sevan AOD SeaMex SDRL 51.1% 70.4% 50.1% 66.2% 50.0% 100%

100% 51% 58%

49% Seadrill Seadrill Seadrill Capricorn Partners Operating LP Holding LLC Operating LLC

42%

10 Robust Long Term Industry Fundamentals

World oil demand and oil price (1) by scenario Tight supply–demand balance going forward

2012 2020 2035 110 New policy 100 Oil demand: 100 27 mbbl/d 450 Current policies needed scenario scenario 80 Current status of total 90 New policies production potential scenario 60 Undiscovered Dollars barrelper(2011) 450 scenario (mb/d) 80 150 (mb/d) Discovered Oil price (right axis): 40 Under development 70 100 Current policies scenario Producing 60 50 New policies 20 Abandoned scenario Seasonal (other 50 0 450 scenario 0 liquids) 1980 1990 2000 2010 2020 2030 2035 Commercial volumes at forward curve 1970 1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012 2015 2018 2021 2024 2027 2030

Global change of supply of liquids from 2012 to 2020 Deep and ultra-deep well positioned on cost curve

Projects performing under Arctic 105 16.5 101.9 expectations 100 75 100 90 New NGLs Onshore Nam Shale 95 80 Onshore +bio+other Offshore RoW Deep Water 89.6 20.3 Shelf Russia 90 Not sanctioned 70 4.0 85 60 4.3 Sanctioned 65

(mb/d) 50 80 8.0 Onshore Producing 50 51 52 40 Middle East 75 41 30 27 Oil sands 70 20 70 65 Heavy Oil Ultra deepwater 10

Brent equivalent Brent equivalent breakeven price(US$) 47 56 Production Decline New New New Oil New Supply Likely 0 2012 conventional Onshore Shale/ sands/extra offshore potential supply 2020 0 10 20 30 40 50 60 70 80 90 100 tight heavy 2020 Total liquids production (mb/d)

(1) Average IEA crude oil import price 11 Recent Discoveries to Become Produced Volumes

Discovered resources 1980 to 2013 160,000

120,000

80,000

(millions boe) 40,000

- 1980 1985 1990 1995 2000 2005 2013

Shelf Deep/Mid Water Ultra deepwater Resources discovered and produced 2000-2013

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

Ultra Deepwater: 7,500 ft 1 8 16.4

Deep / Mid: 400 - 7,599 ft 63 154 2.5 Off-shore Shelf: 400 ft 163 77 0.5

Total 227 239 1.1

On-shore On-shore 485 456 0.9

On-shore Global 712 695 1.0 Off-shore

Source: Rystad Energy research and analysis, UCube 12 Floaters – US$17.4 Billion Contract Backlog

2014 2015 2016 2017 Unit Customer 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

West Tellus Chevron $635 West Carina - Newbuild West Draco - Newbuild West Dorado - Newbuild West Aquila - Newbuild West Libra - Newbuild West Saturn ExxonMobil Newbuild US$633,750 West Capella ExxonMobil US$627,500 West Gemini Total US$656,000 Drillships West Neptune LLOG Newbuild Transit US$570,000 West Polaris ExxonMobil US$656,736 03.2018 West Jupiter Total Newbuild Transit US$567,000 11.2019 West Navigator Shell / Centrica Energi NUF / Rosneft US$589' US$628' Rosneft 01.2020 West Auriga BP US$565,000 10.2020 West Vela BP US$565,000 11.2020

Sevan Developer - Newbuild West Taurus Petrobras US$656,662 West Eminence Petrobras US$624,460 West Venture Statoil US$448,000 West Phoenix Total US$465,000 Sevan Driller Petrobas US$421,641 West Orion Petrobras US$624,460 West Pegasus PEMEX US$555' US$461,362 Market Rate West Eclipse Total US$450,000 US$455,000 Sevan Louisiana LLOG US$505,000 West Aquarius ExxonMobil US$540,000 US$615,000 West Hercules Statoil US$503,000 US$503,000 West Capricorn BP US$495,650 US$495' Semi-submersibles West Leo Tullow Oil US$605,000 07.2018 Sevan Brasil Petrobas US$396,572 07.2018 West Sirius BP US$490 US$535,000 07.2019 West Mira Husky Newbuild Transit US$590,000 06.2020 West Rigel Rosneft Newbuild Rosneft 07.2020 West Alpha ExxonMobil / Rosneft US$537,000 US$552,000 Rosneft Option Yard or transit period

3% Contract coverage 22% 40%

2014 2015 2016 Contracted

Uncontracted 97% 78% 60%

Proforma consolidated backlog 13 Strongest Fleet Profile in the Industry

Floater Age Free and Clear Floater Availability Until End of 2016

80 100% 80 100%

70 70 81% 79% 80% 80% 60 74% 60

64% 63% 50 63% 62% 60% 50 60%

40 40 42

40% 38% 30 40% 30

28% 20 20 20% 22 20% 7 10 11 1 10 20

3% 11 12 0 0% 6 6 Diamond Transocean Noble Ensco Seadrill Group 0 0% Total delivered floater fleet by end of 2016 Transocean Diamond Noble Ensco Seadrill Group

# floaters built before 2000 Floaters > 7,500 ft Floaters 0 - 7,500 ft % of floater fleet % of floater fleet built before 2000 Source: IHS PetroData - Free and Clear Availability - Includes stacked units 14 - Total fleet measured including deliveries until end of 2016 Preferential Demand for Newer Rigs

Industry trends Contract Backlog UDW & DW

• Challenges of remote drilling sites 14,000

12,000 • Drilling deeper wells with longer offsets

10,000 • Greater drilling efficiency to reduce total well 8,000 costs 6,000 • Advances in well construction techniques Backlogmonths 4,000

• More demanding downhole environments (e.g., 2,000 high pressure and high temperature drilling) 10

• Increasingly demanding regulatory climate Apr-03 Apr-04 Apr-05 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14

DW UDW Total

Bifurcation is a Reality

Source: Fearnley’s 15 Jack-ups - US$5.5 Billion Contract Backlog

2014 2015 2016 Unit Customer 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

Contracted West Epsilon Statoil US$289,000 West Elara Statoil US$365,000 03.2017 Uncontracted West Linus ConocoPhillips US$377,000 05.2019 HE Jack-ups

West Titania - Transit West Cressida PTTEP / Kris Energy US$129 $155 2014 West Vigilant Talisman US$167,000 3% West Triton KJO US$145,000 West Titan - Newbuild West Leda ExxonMobil US$165,000 West Telesto Premier / Origin Energy Limited US$156,975 US$265,000 West Mischief ENI US$175,000 US$195,000 West Proteus - Newbuild West Rhea - Newbuild 97% West Tethys - Newbuild West Hyperion - Newbuild West Umbriel - Newbuild 2015 West Dione - Newbuild 27% West Prospero Lundin US$155,700 AOD l Saudi Aramco US$180,000

BE Jack-ups West Castor Shell US$155,000 AOD ll Saudi Aramco US$180,000 West Mimas - Newbuild 73% West Ariel ENI US$205,000 AOD lll Saudi Aramco US$180,000 West Resolute KJO US$140,000 US$140,000 West Callisto Saudi Aramco US$150,000 2016 West Freedom Repsol / Cardon IV US$225,000 West Tucana PVEP / Cabina Gulf Oil US$167,000 Transit US$220,000 05.2017 42% West Oberon PEMEX US$171,500 05.2020 West Defender PEMEX US$155,500 08.2020 West Intrepid PEMEX US$155,500 01.2021 West Courageous PEMEX US$155,500 06.2021 Option Yard or transit period 58%

Note: Backlog generated by the tender rigs (T15, T16 and West Vencedor) is US$0.4 billion. Proforma consolidated backlog 16 Jack-Up Market Fundamentals

Jack-up Fleet Age Jack-up Delivery Schedule

250 70

60 200

50 150 40 Years 100 30

20 50

10 0 > 30 years 20 and 30 10 and 20 5 and 10 < 5 years 0 years years years 2014 2015 2016 2017

• 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 years old, and scrapping of units likely

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

Source: IHS PetroData 17 Core Assets • 32 6 th generation ultra-deepwater units • 2 Midwater harsh environment semi- submersible rigs • 29 High-specification jack-ups • 3 Harsh environment jack-ups • 3 Tender rigs

Financial Investments

8.18% of SapuraKencana – Market Value ~US$670mm

50.11% of Sevan Drilling – Market Value ~US$140mm

39.9% of Archer – Market Value ~US$400mm

18