Seawell To Use Private Placement Funds On Acquisitions And More

Seawell Ltd. has decided to increase the Company's equity base through a private placement of 10 million shares to a share price of NOK19.50 per share. The proceeds from the offering, approximately NOK195 million, will be used as part finance of the Company's recent acquisitions, strengthening of the working capital and positioning for further growth. The issue also intends to increase liquidity and the free float in the Seawell share.

The placement will be managed by Pareto Securities AS and DnB NOR Markets and is expected to close at 08:30 CET on 11 April 2008 at the latest.

Seawell's major shareholders', Seadrill Limited and Hemen Holding, has guaranteed completion of the private placement and has also pre-subscribed and been pre allocated minimum three million shares.