SDRL - Disclosure regarding Sevan Drilling ASA
Hamilton, Bermuda, February 7, 2013 - Reference is made to the stock exchange notice from Sevan Drilling ASA ("Sevan"), dated 15 January, 2013, where Seadrill Limited ("Seadrill") in a private placement had been allocated and subscribed for 81,828,500 shares in Sevan at a subscription price of NOK 3.95. Subsequently, Seadrill received and accepted an offer from a commercial bank to finance these shares. In connection to this, Seadrill has transferred its entire allocation to the same commercial bank and entered into a forward agreement to buy the same number of shares. The forward agreement runs until May 6, 2013 and has a strike price of NOK 3.9815 per share.
Following this transaction, Seadrill will not directly hold any shares in Sevan, but will be exposed through forward agreements to 177,828,500 shares or 30.31 percent of the outstanding shares following completion of the private placement.