SeaDrill Ltd has today entered into agreements for the purchase of a total of 21,414,028 shares in Ocean Rig ASA equalling 24.5% of Ocean Rig's outstanding share capital at a price of NOK 65 per share. In addition, SeaDrill Ltd has today entered into an agreement for the purchase of the Ocean Rig ASA 04/07 Convertible Bond, nominal value NOK 10,500,000. This bond may be converted into 552,632 shares in Ocean Rig ASA.
In order to finance the purchases, SeaDrill Ltd has today made a private placement of USD 217,744,513 through the issuance of 35,695,822 new shares at an issue price of USD 6.10. A significant part of this private placement has been subscribed for by the investors who sold their shares in Ocean Rig ASA to SeaDrill Ltd.
The total number of shares outstanding in SeaDrill Ltd will, after these private placements be 199,039,762 shares, representing a share capital of USD 398,079,524.
July 14, 2005
Contact: Tor Olav Trøim, Director + 44 207 824 5530