Offshore staff

(Korea)-SeaDrill Ltd. has signed a final contract with Daewoo Shipbuilding in Korea for the construction of an ultra-deep water harsh environment semisubmersible drilling rig of design GVA 7500-N.

The semisubmersible will be delivered to the owner in February 2008. The contract price for the unit is $496.5 million and is based on a full turnkey delivery including an extensive testing program, 7,500 ft of riser, a 15k BOP, and a full mooring system.

09/27/05