Hamilton, Bermuda August 13, 2010 - Seadrill's majority owned subsidiary Seawell
Limited and Allis-Chalmers Energy Inc. announce that their Boards of Directors
have unanimously approved a definitive merger agreement providing for the
acquisition of Allis-Chalmers by Seawell in a transaction valued at
approximately US$890 million (including assumed debt).

The combined company will have approximately 6,500 employees and is projected by
equity research analysts to have an estimated revenues of US$1.3 billion and a
contribution to capital or EBITDA of US$195 million in 2010. The combined
company will operate its Drilling and Well Services offerings with a global
footprint covering more than 30 of the world's key oil and gas regions including
the US, Gulf of Mexico, Brazil, Argentina, North Sea, Middle East, Africa and
Southeast Asia / Pacific.

The combined Drilling Services offering will include platform drilling, land
contract
drilling, modular rigs, maintenance of drilling systems, directional drilling
technology, underbalanced drilling, facility engineering services, rig and riser
inspections, and oilfield rentals.  The company will be able to provide its
customers with fully integrated drilling services, both onshore and offshore,
with more than 4,000 experienced drilling crew members and senior directional
drillers.  The Well Services offering will include electric and mechanical
wireline services, production logging services, coil tubing services, ultrasonic
investigation logging services, down-hole cameras, and advanced well fishing
services.  The combined company has a long track record of safe and efficient
operations in the North Sea, USA and South America.

Seawell's Executive Chairman, Jorgen Peter Rasmussen, said:  "We are very
pleased to welcome Allis-Chalmers' employees and management to Seawell.  This is
a major step in our quest to create a global first-class drilling and well
services company focused on assisting our customers in producing more
hydrocarbons from their existing fields.  We complement each other with a much
improved geographical footprint, similar focus on customers and a wider range of
technology and services, which we are now able to offer to our combined customer
base.  We intend to build a unique and leading company in the oilfield service
sector."

Mr. Rasmussen foresees that "the merger will allow the combined company to grow
the business and profitability faster than each of the companies on their own.
We invite all Allis-Chalmers stakeholders to join the new combined company and
participate in an exciting future as the new company will have the ambition to
become one of the largest independent well services companies."

Under the agreement, Allis-Chalmers stockholders will have the right to elect
US$4.25 in cash or 1.15 Seawell common shares for each share of Allis-Chalmers
common stock, subject to proration if more than 35% of the shares elect to
receive cash. Shares of Allis-Chalmers' existing preferred stock will be treated
as common stock on an as converted basis.  Based on the closing price of the
Seawell common shares on the NOTC on August 12, 2010, the implied acquisition
price represents a 28% premium to Allis-Chalmers' six month average stock price
and a 77% premium over today's closing price.  The merger is conditioned, among
other things, on the listing of Seawell on the Oslo Børs or the London Stock
Exchange and Seawell raising no less than an additional US$100 million in
equity.  The transaction is intended to be tax-free to stockholders of both
companies for U.S. federal income tax purposes and will be accounted for as a
purchase.

Upon completion of the merger, Jørgen Peter Rasmussen (51) will be the combined
company's new Chief Executive Officer and President, and a member of the Board
of Directors.  The new company's Chief Operating Officer and Executive Vice
President will be Thorleif Egeli (46) who is currently the Chief Executive
Officer of Seawell Management AS.

Allis-Chalmers' Chairman and Chief Executive Officer Munawar ("Micki") H.
Hidayatallah said:  "We are excited by the prospects of the combination of these
two companies and strongly believe that we will greatly accelerate the execution
of Allis-Chalmers' strategic objectives to access and develop new technologies,
increase the products and services we offer our customers and expand our global
footprint."
The non-executive Chairman of Seawell Limited will be Saad Bargach of Lime Rock
Partners and Tor Olav Trøim will continue as Vice-Chairman.  Among the other
Board members will be Alejandro Bulgheroni, Cecilie Fredriksen, Giovanni Dell'
Orto, and John Reynolds of Lime Rock Partners. Hidayatallah will serve as a
senior advisor to the new Board.

Lime Rock Partners V, L.P. (Lime Rock) has entered into an agreement with
Seawell pursuant to which Lime Rock has, among other things, agreed that if it
votes in favor of the merger, it will elect to receive Seawell common shares in
respect of the Allis-Chalmers preferred and common stock that it holds.
Pursuant to this agreement, Lime Rock has also agreed to vote its Allis-Chalmers
shares against any alternative transaction for a period of nine months following
any termination of the merger agreement.

Saad Bargach, Managing Director of Lime Rock Partners and proposed Chairman of
the merged company, said, "Lime Rock is exceptionally enthusiastic about the
merger between two great companies like Allis-Chalmers and Seawell.  We believe
that the combined company's global presence, onshore and offshore expertise,
differentiated technology, and exceptional management team will result in an
even more effective competitor in the international oilfield service sector."
The merger is subject to the approval of Allis-Chalmers' stockholders as well as
HSR approval, and other customary conditions. The companies anticipate that the
transaction could close as soon as the end of the calendar year.  Seawell and
Allis-Chalmers intend to file a proxy statement / prospectus with the U.S.
Securities and Exchange Commission as soon as possible.

Alpha Corporate Finance and Goldman Sachs International are acting as Seawell's
financial advisors.  Seawell's legal advisors are Skadden, Arps, Slate, Meagher
& Flom LLP, and Wiersholm, Mellbye & Bech, advokatfirma AS.  Andrews Kurth LLP
and Thommessen are legal advisors for Allis-Chalmers.  RBC Capital Markets
Corporation is acting as Allis-Chalmers' financial advisor and rendered a
fairness opinion to its Board of Directors.

For more information, please see www.seawellcorp.com.




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


[HUG#1437826]








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Source: Seadrill Limited via Thomson Reuters ONE