SOURCE: Seadrill Limited

March 27, 2008 04:28 ET

SDRL - Disclosure regarding Odfjell Invest ASA

HAMILTON, BERMUDA--(Marketwire - March 27, 2008) -

On March 7, 2008, Seadrill sold 13,948,000 shares in Odfjell Invest ASA and simultaneously entered into a forward contract for the equivalent number of shares with due date on September 8, 2008. Following these transactions, Seadrill controlled 13,948,000 shares corresponding to 10.01 percent of the outstanding shares.

On March 26, 2008, Seadrill bought back all the shares in the forward contract and simultaneously sold the shares at NOK 20.00. Seadrill has after this no ownership interests in Odfjell Invest ASA.

The Board of Seadrill is of the opinion that the bid price for the shares does not fully reflect the true value of Odfjell Invest. However, based on the following factors the Board decided after a thorough evaluation to sell the shares;

* The bid price, when measured in USD (Seadrill's functional
  currency), increased effectively in the bidding period as a
  function of the strengthening of NOK versus USD.
* The possibility of ending up in a long term minority position
  without direct access to cashflow.
* In the current business environment there may be more attractive
  alternative investments proposals for Seadrill.

The net profit from the sale was approximately USD 6 million and will be recorded in first quarter 2008.

Analyst contact:
Jim Dåtland
Vice President 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

Seadrill Limited
Hamilton Bermuda
March 27, 2008

Copyright © Hugin AS 2008. All rights reserved.

Contact Information