Seadrill May Sell Crystal Ocean FPSO

Seadrill is in discussions with a company under formation, Sea Production Limited, concerning a potential sale of the FPSO vessel Crystal Ocean. Final terms and conditions regarding a sale are still under discussion. A completion of a sale is dependent on a successful issue of new equity in Sea Production Limited. A final clarification around the possible sale is expected during the next week.

At present, Crystal Ocean is operating in Australia at Bass Strait, for Anzon, on a contract that extends to 2009.

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