SOURCE: Seadrill Limited

January 04, 2010 03:29 ET

SDRL -- Amendments to option program for certain primary insiders

HAMILTON, BERMUDA--(Marketwire - January 4, 2010) -

In May 2005, Seadrill Limited established an Employee Share Ownership Plan (ESOP) and authorized the Board to grant and allocate five million shares at a subscription price of USD 2.23 per share pursuant to the ESOP. The initial subscription price was set to 10 % premium to underlying stock price at the time the authorization was given. As part of this program the Board was awarded options that will expire in May next year. It has been resolved to extend the maturity of these options for relevant Board members by two years.

In connection with the takeover of Smedvig and the establishment of the Seadrill Management AS organization, certain individuals were granted options with exercise price of NOK102.00 that originally were to mature at year-end 2009. It has been resolved to extend the maturity of these options by two years.

The extensions are granted to align the interests of the shareholders, the Board and management.

The following Primary Insiders have been granted extensions of the option exercise periods.

John Fredriksen                 350,000
Tor Olav Trøim                  275,000
Kate Blankenship                 30,000
Kjell E Jacobsen                175,000
Alf C. Thorkildsen              275,000

New total holding for Primary Insiders including controlled companies are:

                                Shares                     Share options

John Fredriksen                    *                           350,000

Tor Olav Trøim**                350,000                        275,000

Kate Blankenship                 11,000                         50,000

Kjell E. Jacobsen                     0                        275,000

Alf C. Thorkildsen               20,000                        600,000

* Hemen Holding Ltd, or Hemen, is a Cyprus holding company, indirectly controlled by trusts established by Mr John Fredriksen for the benefit of his immediate family. Mr Fredriksen disclaims beneficial ownership of the 132,747,583 shares of our common stock held by Hemen, except to the extent of his voting and dispositive interests in such shares of common stock. Mr Fredriksen has no pecuniary interest in the shares held by Hemen. Hemen Holding and related parties are also party to TRS agreements with exposure to totally 3,500,000 shares in Seadrill Limited.

** Drew Investment Ltd, a company controlled by Tor Olav Trøim, is party to TRS agreements with exposure to 400,000 shares in Seadrill Limited.

Seadrill Limited
December 31, 2009
Hamilton, Bermuda

Contact Information

  • Analyst contact
    Jim Daatland
    VP Investor Relations
    Seadrill Management AS
    +47 51 30 99 19

    Media contact
    Trond Brandsrud
    Chief Financial Officer
    Seadrill Management AS
    +47 51 30 99 19