SeaDrill Sells Ocean Rig ASA Position

The Board of SeaDrill has on January 6, accepted an offer to sell the Company's position in Ocean Rig ASA. Totally, 21,414,028 shares were sold at NOK 89 per share. In addition, the Ocean Rig ASA 04/07 Convertible Bond, nominal value NOK 10,500,000, which may be converted into 552,632 shares in Ocean Rig ASA, were sold, basis same price. The transaction will generate a profit of approximately US $80 million to be recorded in Q1 2006.

The Investment in Ocean Rig has, since it was acquired in 2005, been considered as an opportunistic investment. The proceed from the sale, estimated to approximately US $298 million, will be used to expand SeaDrill's own business including further acquisitions as well as capital reserved for financing part of the Company's US $1.5 billion fixed price newbuilding option program.

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