SDRL - Comment on Sevan Drilling
Hamilton, Bermuda, October 19, 2015 - Seadrill Limited ("Seadrill" or "the Company") makes reference to the announcements by Sevan Marine and Sevan Drilling in regards to the ongoing investigation into corrupt activities involving Petrobras.
The charges made against Sevan Drilling relate to contracts awarded during the 2005-2008 time period, prior to both Seadrill's initial acquisition of a minority stake in Sevan Drilling and acquiring control.
At the time the Petrobras contracts were awarded, Sevan Drilling was a wholly-owned division of Sevan Marine ASA. In May 2011, Sevan Drilling was separated out from the 100% ownership of Sevan Marine ASA and listed separately on the Oslo stock exchange. In December 2011 Seadrill acquired a 28.5% stake in Sevan drilling and ultimately increased its stake to 50.11% in July 2013.
Seadrill remains committed to the highest ethical standards. The Company will cooperate if requested to do so by any and all authorities in relation to the ongoing investigation.
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company's plans, strategies, business prospects, changes and trends in its business and the markets in which it operates. In particular, statements regarding the Company's ability to complete the Polaris Acquisition and the anticipated total value proposition are considered forward looking statements. These statements are made based upon management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this news release. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should keep in mind the risks described from time to time in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F (File No. 001-34667). The Company undertakes no obligation to update any forward looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward looking statement.This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.