Seadrill Mandatory Offer Deadline Draws Near

Reference is made to the mandatory offer set forth by Seadrill Limited for all outstanding shares in Scorpion Offshore Ltd. and our offer document dated May 23, 2008. Seadrill has currently registered acceptances for a total of 12,477 shares in Scorpion, which constitutes 0.02% of the share capital in Scorpion. Consequently, Seadrill, including shares on forward contracts, controls 36.02% of the shares in Scorpion.

The mandatory offer expires Monday, June 23, at 16.30 CET. Seadrill has currently no intention to extend the acceptance period. Investors who want to accept the mandatory offer will consequently have to follow the procedures set forth in the offer document before 16.30 CET today.
Seadrill has retained Carnegie AS and Pareto Securities AS as managers for the mandatory offer.
The total ownership percentage has been calculated based on the issued share capital in Scorpion Offshore Ltd. of 54,205,156 shares.

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