HAMILTON, BERMUDA--(Marketwire - May 3, 2011) - Seadrill has settled a Total Return Swap
agreement (TRS) expiring on May 2, 2011, with 2,000,000 common shares in
Seadrill Limited as underlying security. Seadrill has subsequently entered
into
a new TRS agreement with exposure to 2,000,000 Seadrill Limited common
shares.
The expiry date for the TRS is September 2, 2011, and the reference price
is
NOK188.2616 per share.
Furthermore, Seadrill has through market purchases executed May 2,
repurchased
145,000 of the Company's own common stocks at an average price of NOK186.26
per
share.
The strategy behind the repurchase is to reduce the total outstanding
number of
shares after the recently announced notification of Call Option as informed
in
the press release April 7, 2011, and subsequent conversion of US$721.2
million
of the 2012 Convertible bond into equity.
After the purchase, Seadrill has increased its holding of treasury shares
from
to 1,350,687shares to 1,495,687.
This information is subject of the disclosure requirements pursuant to
section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Seadrill Limited via Thomson Reuters ONE
[HUG#1511708]