Seadrill Completes Mandatory Offer for Outstanding Scorpion Shares

Reference is made to the stock exchange notice dated June 23, 2008 regarding the mandatory notification of trade and the expiry of the acceptance period for the mandatory offer set forth by Seadrill Limited for all outstanding shares in Scorpion Offshore Ltd. 

Seadrill has subsequent to the expiry of the acceptance period registered acceptances for a total of 581,492 shares, which constitutes 1.1% of the share capital in Scorpion. As such, Seadrill currently controls, including shares on forward contracts, 37.0 percent of the outstanding shares in Scorpion.
Shareholders in Scorpion Offshore who have accepted the offer of NOK80 per share in cash, will receive the cash settlement on their bank accounts on July 4, 2008.
Carnegie AS and Pareto Securities AS were retained 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.