SOURCE: Seadrill Limited

April 23, 2008 02:50 ET

SDRL - Disclosure regarding Pride International Inc

HAMILTON, BERMUDA--(Marketwire - April 23, 2008) -

At present, Seadrill owns 200,000 Pride International Inc. common shares and has entered into forwards under which it would acquire 16,300,000 Pride International Inc. common shares when the forwards settle. Seadrill has filed a Hart-Scott-Rodino notification so as to permit it to settle the forwards and acquire the 16,300,000 common shares covered by the forwards. Based on yesterday's closing share price of Pride on the New York Stock Exchange, Seadrill's exposure, including the shares covered by the forwards, has a gross value of some US$708 million which includes approximately US$140 million in unrealized gains. Seadrill has written to Pride and asked for a meeting to discuss potential strategic benefits for both parties of a transaction between the two companies.

Analyst contact:
Jim Dåtland
Vice President Investor Relations
Seadrill Management AS
+47 51 30 99 19

Media contact:
Kjell E Jacobsen
Chief Executive Officer
Seadrill Management AS
+47 51 30 99 19

Seadrill Limited
Hamilton, Bermuda
April 23, 2008

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