Hamilton, Bermuda (March 24, 2011)

Seawell Limited Announces Change in Control Notice and Offer to Purchase for Allis-Chalmers Energy Inc. Senior Notes

9.0% Senior Notes, due 2014
8.5% Senior Notes, due 2017

Seawell Limited (OSE: SEAW) today announced that its wholly-owned subsidiary, Allis-Chalmers Energy Inc. (“Allis-Chalmers”), is notifying holders of its 9.0% Senior Notes, due 2014, and 8.5% Senior Notes, due 2017 (together, the “Notes”), that a Change in Control has occurred on February 23, 2011 as a result of the merger between Seawell Limited and Allis-Chalmers. Pursuant to the terms of the Notes and the notice, holders have the right to require Allis-Chalmers to purchase, on May 20, 2011, all or a portion of such holders’ Notes by way of tendering such Notes to the Depositary and Paying Agent, Global Bondholder Services Corporation, at a price equal to $1,010 per $1,000 principal amount of the Notes, plus any accrued and unpaid interest and Liquidated Damages (as defined in the indentures governing the Notes), if any, up to but not including May 20, 2011. The aggregate principal amount of the Notes is $430.2 million.

A copy of Allis-Chalmers notice to holders specifying the terms, conditions and procedures for tendering the Notes and accepting the Change in Control Purchase Offer will be available through the Depositary and Paying Agent. None of Allis-Chalmers, its board of directors, or its employees has made or is making any representation or recommendation to any holder as to whether to exercise or refrain from exercising its rights under the Change in Control Purchase Offer.

Note holders’ opportunity to accept the Change in Control Purchase Offer will commence on March 24, 2011, and will terminate at 5:00 p.m., New York City time, on May 17, 2011. Holders may withdraw any previously tendered Notes pursuant to the terms of the Change in Control Purchase Offer at any time prior to 5:00 p.m., New York City time, on May 17, 2011.

The Depositary and Paying Agent and Information Agent for the Change in Control Purchase Offer is: Global Bondholder Services Corporation, 65 Broadway, Suite 723, New York, New York 10006, Attention: Corporate Actions. Requests for documentation and any questions related to the Change in Control Purchase Offer should be directed to Global Bondholder Services Corporation by calling toll-free: (866) 794-2200 or (212) 430-3774 (for banks and brokers).

This press release is for informational purposes only and is not an offer to purchase, or the solicitation of an offer to purchase, the Notes.

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