Seadrill Secures Letter of Intent for Semi-Submersible Newbuild

HAMILTON, Bermuda, Sept. 7, 2006 (PRIMEZONE) — Seadrill has been awarded a letter of intent by an E&P operator in the Gulf of Mexico for the semi-submersible drilling rig West Sirius (Jurong 1). The contract has a firm duration of four years with the option for the operator to extend the contract to five or six years. Estimated contract value is approximately US$690 million, US$840 million or US$980 million, including mobilization, for the four, five or six year alternatives respectively.