The Board of SeaDrill Limited reports that the Company has entered into agreements of purchase of a total of 3,515,000 Shares in Petrojack ASA equalling 6.69% of the outstanding share capital to a price of NOK 10 per share.
Simultaneously, the company has entered into purchase agreements for a total of 18,709,920 shares in Odfjell Invest Ltd. equalling 23.38% of the outstanding share capital to a price of NOK 16 per share. In order to finance the purchases Seadrill has raised totally USD 51,791,185 through a private placement of 11,534,785 shares in SeaDrill at issue price USD 4.49.
A significant part of this capital has been subscribed by investors who have sold their Odfjell and PetroJack shares.
Hamilton, Bermuda
June 20, 2005
Contact: Tor Olav Trøim, Director + 44 207 824 5530