SDRL - MANDATORY NOTIFICATION OF TRADE BY HEMEN HOLDING LIMITED
HAMILTON, Bermuda, June 14, 2012 - Reference is made to the announcement by Hemen Holding Limited ("Hemen"), on February 29, 2012 that Hemen entered into a put option transaction with Goldman Sachs International.
Hemen Holding has informed Goldman Sachs that based on current share price level in Seadrill, Hemen has elected to take physical delivery of the remaining shares covered by the put arrangement. This contrary to the default mechanism which is based on cash settling the put arrangement by expiry of the options. The remaining put arrangement runs to June 27, 2012, and covers 6 million shares. Hemen will if physical delivery is chosen for all the remaining put agreements increase their ownership in Seadrill with 600.000 shares on a daily trading day basis until June 27, 2012. The shares will be acquired at a price equal to the put price of NOK 224.80 per share. If all the remaining shares are physically delivered and acquired, Hemen will increase its ownership in Seadrill by 6 million shares to a total of 115 million shares or 24.6 % of Seadrill's total shares. Hemen also has total return swap agreements with underlying economic exposure to 3.9 million Seadrill shares.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.