The Board of SeaDrill has decided to increase the Company's equity base through a private placement of 12 million shares at USD 9.00 per share. The proceeds from the offering USD 108 million will mainly be used as equity finance in the second ultra deep water semi submersible drilling rig which the Company today has signed with Jurong Shipyard.
The placement will be managed by Carnegie ASA and Pareto Securities ASA. Any subscriptions will have to be given to the banks prior to 8:00 PM CET August 12th.
Sea Drill's major shareholder, Hemen Holding, has guaranteed completion of the private placement.
Bermuda, August 12th 2005
Contact person: Tor Olav Trøim tel. +44 7734976575