SeaDrill Completes Equity Issue

SeaDrill has, on January 22, 2006, completed a private placement for a total of 75 million new shares. The subscription price was NOK 66 per share. Gross proceeds from the equity issue amounted to NOK 4.95 billion.

The total issued share capital in SeaDrill will increase from US $458,266,432 to US $608,266,432. The total number of shares will increase from 229,133,216 to 304,133,216.

The purpose of the share issue was to fund the acquisition of Smedvig ASA and finance the firm contract for another semisubmersible drilling rig at Daewoo, as announced on Friday, January 20, 2006.

Allocation letters will be sent out today. Payment date is set to Wednesday, January 25, 2006. The subscribers will be delivered existing and unencumbered shares in the Company that are already listed on Oslo BÝrs pursuant to a Stock Lending agreement entered into between the Managers and Hemen Holding Ltd.

The shares delivered to the subscribers will be tradable from the date they are delivered.

The share issue was lead managed by Carnegie ASA and Pareto Securities ASA. Co-managers were Enskilda Securities ASA and Fearnley Fonds ASA.


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