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SEAWELL – Share capital increase – exercise of options

Hamilton, Bermuda (March 23, 2011)

In connection with Seawell’s option program, 483,333 options have been exercised at a strike price of NOK 16.38 per share. After this transaction, the total number of options outstanding in Seawell Limited is 9,885,037.

In connection with the exercised options, Seawell Limited has issued 483,333 common shares. The authorized share capital of Seawell Limited is USD 1,200,000,000 divided into 600,000,000 common shares of par value USD 2.00 each. Fully paid and outstanding share capital of Seawell Limited following the share capital increase is USD 646,002,408 divided into 323,001,204 fully paid common shares of par value of USD 2.00 each.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)