Reference is made to the announcement made by SeaDrill Ltd on 20 June 2005 regarding the offers to purchase shares in Odfjell Invest Ltd and PetroJack ASA.
SeaDrill Ltd has today entered into agreements for the purchase of a total of 71,133,942 shares in Odfjell Invest Ltd equalling 88.9% of Odfjell Invest Ltd`s outstanding share capital at a price of NOK 17 per share.
In order to finance the purchases, SeaDrill Ltd has today made another private placement to total of USD 186,732,090 through the issuance of 41,131,871 new shares at an issue price of USD 4.54. A significant part of this private
placement has been subscribed for by the investors who sold their shares in Odfjell Invest Ltd to SeaDrill Ltd.
SeaDrill Ltd will put forward an offer to the remaining shareholders in Odfjell Invest Ltd at a value of NOK 17 per share with the intention of becoming the sole owner thereof.
SeaDrill Ltd also announces that they issued 1,212,069 new shares in a private placement at USD 4.49 yesterday in connection with its acquisition of shares in PetroJack ASA.
The total number of shares outstanding in SeaDrill Ltd will, after these private placements be 163,343,940 shares, representing a share capital of USD 324,687,880.
Hamilton, Bermuda
June 21, 2005
Contact: Tor Olav Trøim, Director + 44 207 824 5530