SeaDrill Scoops Up Smedvig

SeaDrill says, based on acceptances received under the Voluntary Offer on Smedvig, that it has control of more than 50% of the SME (A-class shares) and therefore more than 50% of the total number of votes in Smedvig.

As previously announced, settlement for these shares is expected to take place on Wednesday, January 25, 2006.

SeaDrill has furthermore decided to keep the Voluntary Offer open until 16:30 (Oslo time) today in order to let all remaining shareholders have the opportunity to tender their shares to SeaDrill.

SeaDrill has the intention to put forward a mandatory offer in Norway together with a tender offer in the U.S. to all remaining shareholders in Smedvig ASA as soon as practically possible.

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