HAMILTON, Bermuda, Oct. 6, 2006 (PRIMEZONE) -- Reference is made to statement from the Independent Board of Eastern Drilling ASA ("Eastern") disclosed on the Oslo Stock Exchange on October 6, 2006.
Seadrill Limited categorically rejects that there are any legal reasons for increasing the compulsory bid price in the Eastern offer from NOK 92 per share based on their historic trading.
The purchases of cash settled equity swaps, which have been disclosed to the Oslo Stock Exchange in the press release dated October 5, 2006, give no rights to physical delivery of shares and no rights to instruct or influence voting.
The cash settled equity swap transactions are in line with the regulations set by the Oslo Stock Exchange and do not influence the compulsory bid price for the Eastern shares.
Seadrill Limited Hamilton Bermuda October 6, 2006