HAMILTON, Bermuda, March 22, 2007 (PRIME NEWSWIRE) -- Reference is made to decisions by the Oslo Stock Exchange and the Appeal Committee recently, in which it was concluded that Seadrill Limited is held to be under an obligation to present a mandatory offer to all shareholders in Eastern Drilling ASA. Seadrill is diligently working to facilitate a bid structure which could satisfy the requirements imposed, while at the same time, safeguarding the legitimate Seadrill interests in reducing and crystallising the losses by these decisions. Such a bid structure could involve the use of an industry partner. As previously stated Seadrill will fiercely challenge and contest the legality of the decisions by Oslo Stock Exchange and the Appeal Committee, and has commenced legal proceedings before the Oslo City Court.
In the uniquely complex situation following the Appeal Committee's refusal to even permit a sell-down in Eastern as recommended by the Oslo Stock Exchange, Seadrill must protect the interests of all its shareholders. As of today, the outcome of Seadrill's efforts to establish acceptable solutions is uncertain. However, developments will be communicated in due course.
Seadrill Limited Hamilton, Bermuda March 22, 2007