SDRL - Seadrill completes placement of NOK1,250 million unsecured bond issue

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR TO U.S. NEWS WIRE SERVICES OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Hamilton, Bermuda, January 31, 2012 - Seadrill has successfully completed a NOK1,250 million senior unsecured bond issue with maturity date February 13, 2014. Settlement date is set to be February 13, 2012. An application will be made for the bonds to be listed on Oslo Børs as soon as practically possible. The net proceeds from the bond issue will be used for general corporate purposes.

In conjunction with the bond issue, Seadrill has repurchased bonds with nominal value of NOK331.5 million in the SME05 (ISIN: NO 001 028379.9) maturing at September 28, 2012. Remaining outstanding amount in SME05 after the buy-backs will be NOK168.5 million.

Nordea Markets, Pareto Securities, RS Platou Markets and Swedbank First Securities acted as joint lead managers of the new bond issue.


For further information, please contact:

Analyst contact:
Jim Dåtland
VP Investor Relations
Seadrill Management AS
+47 51 30 99 19

Media contact:
Esa Ikäheimonen
Chief Financial Officer
Seadrill Management AS
+47 51 30 99 19

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This press release is neither an offer to sell nor a solicitation of an offer to buy any of the bonds or any other security of Seadrill Limited. The bonds have not been and will not be registered under the Securities Act or any state securities laws. Unless so registered, the bonds may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements, which include statements involving the contemplated bond offering, involve risks and uncertainties that could cause the outcome to be materially different. These risks and uncertainties include, but are not limited to, the possibility that the bond issuance may not be completed in the aggregate principal amount contemplated, or at all, and those discussed in Seadrill Limited's public filings with the U.S. Securities and Exchange Commission. Seadrill Limited undertakes no obligation to revise or update any forward looking statements, unless required to do so under the securities laws.



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