Pareto Oil & Gas Conference

1. North Atlantic Drilling Ltd.
Pareto Oil & Gas Conference Oslo, September 10, 2014

2. Forward looking statements
2
The statements described in this presentation that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements which could be made include, but are not limited to, statements involving prospects for the company, expected revenues, capital expenditures, costs and results of operations and contingencies and other factors. The forward-looking statements contained in this presentation, including assumptions, opinions and views of the company or cited from third party sources are solely opinions and forecasts which are subject to risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements.

3. Agenda
Key Investment Highlights
Rosneft Partnership
Locations & Contract Backlog
Market Outlook
Q & A
3

4. Key Investment Highlights
›The leading drilling contractor in the North Atlantic region
›Premium fleet of 10 harsh environment drilling rigs including 3 newbuilds
›Some 1,600 employees
›More than 40 years of operating experience
›Committed growth of approximately US$365 million in annualized EBITDA in period 2014-2017
›Solid contract backlog of US$6.3 Bn
›NYSE-listed ~US$2.4 bn Market Cap
›Regular quarterly cash dividends to investors
Seadrill Limited
Public investors (NYSE)
~70%
~30%
North Atlantic Drilling Ltd. (Bermuda)
Fleet:
3+1 HE Semi-submersible
1 HE Drillship
3+2
HE JU’s
4

5. Our Performance
5
USS2.88
0
0,5
1
1,5
2
2,5
3
3,5
Accumulated dividends since inception in Feb. 2011 Total investment return since Feb. 2011****
0 %
10 %
20 %
30 %
40 %
50 %
60 %
70 %
0
20
40
60
80
100
120
140
160
180
Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14
EBITDA* EBITDA Margin**
EBITDA and Margin
96% 94% 94% 92%
96% 95%
90%
98%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14
Economic Utilization
Economic Utilization
*) EBITDA: earnings before interest, depreciation and amortization equal to operating profit plus depreciation and amortization.
**) EBITDA in percent of our revenues excluding reimbursable revenue
***) Dividends have been adjusted for the 1:5 share consolidation which was effective from November 21, 2012
****) Total cumulative return, measured as of closing September 3, 2014
44%
-9% -10%
-25%
-28%
-45%
-100% -91%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
NADL ORIG FOE RDC DO RIG SONG
Share price Dividends Total return
Source: Platou Markets

6. Agenda
Key Investment Highlights
Rosneft Partnership
Locations & Contract Backlog
Market Outlook
Q&A
6

7. Partnership with Rosneft
›Offshore Drilling Contracts
–5 offshore drilling rigs
–US$4.1 bn of order backlog
›Onshore Drilling
–NADL to acquire ~150 land rigs including five-year contracts
–Rosneft to receive new primary shares in NADL, 30 percent ownership
–Rosneft to pay difference in value between land rigs and NADL shares in cash to NADL
›Rosneft to appoint two Board members to NADL Board of Directors
›Seadrill maintains majority ownership in NADL after the initial transaction
7

8. North Atlantic Drilling Ltd. (Bermuda)
Fleet:
3+1 HE Semi-submersibles
1 HE Drillship
3+2 HE JU’s
Company structure post closing
Seadrill Limited
Public investors (NYSE)
>50%
~30%
~20%
Rosneft
~150 land drilling rigs in Russia
8
›Access to the Russian arctic – significant growth potential
›Improved earnings visibility
›Partnership structure to facilitate alignment of interests
›Local presence in Russia through acquisition of land rig business from Rosneft

9. Agenda
Key Investment Highlights
Rosneft Partnership
Locations & Contract Backlog
Market Outlook
Q&A
9

10. Norway and UK
10
UK 1 rig
Norway 6(5) rigs

11. Russia – offshore and main rig regions onshore
11
Krasnoyarsk 11 rigs
Kara Sea 1 rig
Gubkinsky 17 rigs
Nefteyugansk 63 rigs
Irkutsk 10 rigs
Krasnoadar 3 rigs
Samara/Orenburg
24 rigs
Nizjnevartovsk 5 rigs
Usinsk/Komi 15 rigs
Sakhalin 2 rigs
Grozny 2 rigs

12. Solid Earnings Visibility
Rig Client
Current
dayrate
(US$k/day)
Contract status
2014 2015 2016 2017 2018 2019 2020
Semi-submersibles
West Alpha 537/552
West Venture 448
West Phoenix 465
West Hercules 503
West Rigel
Drillships
West Navigator 589
Jack-ups
West Epsilon 289
West Elara 365
West Linus 377
HE-JU TBNI
HE-JU TBNI
@375
@628
@552
to Q3 2022
to Q2 2022
to Q3 2022
to Q2 2021/2022
Firm contract Option Transit Managed on behalf of Seadrill
12
@360

13. … with US$6.3 bn Backlog to High Quality Customers
13
› Strong contract backlog of US$6.3 bn with investment
grade customers
› Differentiated by premium harsh environment assets
and high operational performance
› High safety track-record prerequisite to secure
contracts in one of the most safety focused drilling
regions
› Key client relationships with top-tier oil companies
within offshore harsh environment regions
Customer Credit
Rating
Moody's1 S&P1
Rosneft Baa1 BBB-Statoil
Aa2 AA-ConocoPhillips
A1 A
ExxonMobil Aaa AAA
Total Aa1 AA-Shell2
Aa1 AA
1) Moody’s long-term credit rating and S&P’s long term foreign issuer credit rating, source from Bloomberg
2014 2015 2016
99%
1%
91%
9%
25%
75%
Contract coverage
Contracted
Uncontracted
2017
31%
69%

14. Agenda
Key Investment Highlights
Rosneft Partnership
Locations & Contract Backlog
Market Outlook
Q&A
14

15. Russian Arctic and Rosneft Partnership
Kara Sea
› Currently three blocks being explored by a
JV between Rosneft and ExxonMobil
› Estimated recoverable resources1:
– 45.9bn boe of oil
– 14.59bn m3 of gas
› West Alpha drilling the University-1 well
New drilling capacity required
› The fleet of rigs capable of drilling in the
Russian Arctic today is 8-10 rigs in total
› 100 wells to be drilled by Rosneft and
Gazprom over the next 10 years in order
to maintain their licenses
› West Alpha to drill one well in 2014
1) Source: Rosneft
15

16. 16
Norway and UK: Challenging Market For Older Floaters
Source: IHS, Platou Markets. Floaters older than 30 years with firm contracts expiring in 2014, 2015 or 2016
Rig NameManagerFloaterCountryBuiltNext SPSOcean VanguardDiamond OffshoreSSUK198215.04.2015Ocean PrincessDiamond OffshoreSSUK197531.07.2018Transocean ProspectTransoceanSSUK198310.04.2017Transocean SearcherTransoceanSSNorway198301.03.2018Ocean NomadDiamond OffshoreSSUK197529.09.2018Sedco 711TransoceanSSUK198231.10.2017Sedco 704TransoceanSSUK197431.01.2018Stena SpeyStenaSSUK198318.04.2018Transocean John ShawTransoceanSSUK198215.06.2018Paragon MSS1Paragon OffshoreSSUK197901.02.2016Bredford DolphinDolphinSSNorway198015.05.2017Sedco 714TransoceanSSUK198315.03.2019Transocean WinnerTransoceanSSNorway198301.02.2016Sedco 712TransoceanSSUK198311.10.2018WilHunterAwilco DrillingSSUK198326.11.2015Songa DeltaSonga OffshoreSSNorway198015.09.2016Songa TrymSonga OffshoreSSNorway197615.01.2018Byford DolphinDolphinSSUK197420.10.2014Borgny DolphinDolphinSSUK197701.10.2014Firm contractOptionsSpesial Periodic Survey20142015201620172018

17. Demand Outlook for Harsh Environment Drilling
17
0
100
200
300
400
500
600
700
800
900
Undiscovered, Open acreage
Undiscovered awarded
Discovery (1970s)
Discovery (1980s)
Discovery (1990s)
Discovery (2000s)
Discovery (2010s)
Appraising
Johan Sverdrup
Field evaluation
Under development
Producing early
Producing 25-50%
Producing 50%-75%
Producing >75%
Producing (Refinery Gains)
Abandoned
Forecast
Source: Rystad Energy, Platou Markets
›Norway
–Johan Sverdrup, Johan Castberg, Maria, Zidane, Luva, Snøhvit, Bream, Barents Sea exploration
›Russia/Arctic
–Rosneft and partners’ exploration in the Arctic
–Black Sea requirements
›UK/West of Shetland
–Laggan/Toremore
–OMV et. al. plus Nexen requirements
›Canada
–Bay du Nord, Mizzen
–Exxon, Husky and Statoil indicate 2-4 more units needed in the region longer term
›Falklands
–Sealion development, various exploration
›Alaska
Major Harsh Environment Projects in Pipeline
Statoil’s production in Norway - forecast

18. 2014: West Linus ~US$80 million
2015: West Rigel ~US$125 million
2017: 2xHE JU’s ~US$160 million
Summary
18
Record High Contract Backlog of US$6.3 bn
Committed growth The Russian opportunity
Quarterly cash dividend distribution
USS2.88
0
0,5
1
1,5
2
2,5
3
3,5
EBITDA1
1) Annualized estimated EBITDA-contribution

19. Agenda
Key Investment Highlights
Rosneft Partnership
Locations & Contract Backlog
Market Outlook
Q&A
19

20. Q&A