SDRL - Share incentive program 2008


The Board of Seadrill Limited has approved a share incentive program allocating 2,300,000 options to senior management in the Company to acquire shares in Seadrill Limited. The share options were granted on January 7, 2008 and have a strike price of NOK 132.1180 per share. The purpose of the share ownership plan is to promote long-term employment and the term of the options are therefore six years. The options generally vest 1/3 after 18, 30 and 42 months respectively. 330,000 of these options are granted to primary insiders (attached details).
 
The following Primary Insiders have received share options:
 
Kate Blankenship      20,000
Jan Tore Strømme    50,000
Kjell E Jacobsen       100,000
Alf C Thorkildsen       100,000
Trond Brandsrud       60,000
 
New total holdings for the same Primary Insiders are:
 
                                    Shares                        Share options
Kate Blankenship      8,000                          50,000
Jan Tore Strømme    0                                  50,000
Kjell E Jacobsen       0                                  450,000
Alf C Thorkildsen       0                                  375,000
Trond Brandsrud       0                                  210,000
 
 
Seadrill Limited
January 8, 2008
Hamilton, Bermuda