Seadrill Limited

May 03, 2011 03:10 ET

SDRL - Mandatory notification of trade and repurchase of shares

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


Contact Information

  • Seadrill
    +47 51 30 99 00