SOURCE: Seadrill Limited

June 24, 2008 02:44 ET

SDRL - Completion of the mandatory offer for outstanding shares in Scorpion Offshore Ltd

HAMILTON, BERMUDA--(Marketwire - June 24, 2008) -

Reference is made to the stock exchange notice dated June 23, 2008 regarding the mandatory notification of trade and the expiry of the acceptance period for the mandatory offer set forth by Seadrill Limited for all outstanding shares in Scorpion Offshore Ltd.

Seadrill has subsequent to the expiry of the acceptance period registered acceptances for a total of 581,492 shares, which constitutes 1.1 percent of the share capital in Scorpion. As such, Seadrill currently controls, including shares on forward contracts, 37.0 percent of the outstanding shares in Scorpion.

Shareholders in Scorpion Offshore who have accepted the offer of NOK80 per share in cash, will receive the cash settlement on their bank accounts on July 4, 2008.

Carnegie AS and Pareto Securities AS were retained as managers for the mandatory offer.

The total ownership percentage has been calculated based on the issued share capital in Scorpion Offshore Ltd. of 54,205,156 shares.

Seadrill Limited
Hamilton, Bermuda
June 24, 2008

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

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