SeaDrill Acquires Stake in Mosvold Drilling

SeaDrill Limited has entered into agreements for the purchase of a total of 46,412,500 shares in Mosvold Drilling Ltd equaling 39.5% of Mosvold Drilling's outstanding share capital. SeaDrill Limited has paid NOK 626,042,150 in cash for the shares.

In order to finance the purchases, SeaDrill Limited has made a private placement of NOK 428,301,695 through the issuance of 9,093,454 new shares in SeaDrill Limited at an issue price of NOK 47.10. A significant part of this private placement has been subscribed for by the investors who sold their shares in Mosvold Drilling Ltd. to SeaDrill Limited.

The issued share capital of SeaDrill Limited after the private placement will be US $458,266,432, equalling 229,133,216 shares of US $2 par value.

The strategy behind the purchase is to seek further consolidation among the owners of high end deepwater drilling assets.

The Board of SeaDrill will initiate a discussion with the Board of Mosvold Drilling Ltd. in order to give a similar cash offer for all the outstanding shares in Mosvold Drilling. Such offer is however conditional on finding a financing solution with Mosvolds yard and creditors which make it possible for SeaDrill to optimize the combined groups financing and operational structure.

SeaDrill is engaged in the business of owning and operating off- and onshore drilling rigs and other vessels to be used in the exploration for, production and transportation of crude oil.

As of the date hereof, the SeaDrill Group owns and operates three jack-up rigs and two FPSO vessels. The SeaDrill Group has furthermore two jack-up rigs on order from KFELS and PPL, two semi submersible rigs on order from Jurong in addition to a semi submersible rig with harsh environmental specifications on order for Daewoo.

The SeaDrill Group has furthermore, through Odfjell Invest, two jack-up rigs on order from KFELS, and an option to order a third jack-up rig from the same yard.

The SeaDrill Group has also a minority interest in two semi submersible rigs owned and operated by Ocean Rig and a number of jack-up rigs, barge rigs and land rigs owned, operated and ordered by Apexindo.

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