Seadrill Limited
OSLO : SDRL

June 14, 2012 03:04 ET

SDRL - Mandatory Notification of Trade by Hemen Holding Limited

HAMILTON, BERMUDA--(Marketwire - Jun 14, 2012) - Reference is made to the announcement by Hemen Holding Limited ("Hemen"), on February 29, 2012 that Hemen entered into a put option transaction with Goldman Sachs International.


Hemen Holding has informed Goldman Sachs that based on current share price level in Seadrill, Hemen has elected to take physical delivery of the remaining shares covered by the put arrangement. This contrary to the default mechanism which is based on cash settling the put arrangement by expiry of the options. The remaining put arrangement runs to June 27, 2012, and covers 6 million shares. Hemen will if physical delivery is chosen for all the remaining put agreements increase their ownership in Seadrill with 600.000 shares on a daily trading day basis until June 27, 2012. The shares will be acquired at a price equal to the put price of NOK 224.80 per share. If all the remaining shares are physically delivered and acquired, Hemen will increase its ownership in Seadrill by 6 million shares to a total of 115 million shares or 24.6 % of Seadrill's total shares. Hemen also has total return swap agreements with underlying economic exposure to 3.9 million Seadrill shares.

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#1619628]

Contact Information

  • Analyst contact
    Rune Magnus Lundetrae
    Chief Financial Officer
    Seadrill Management AS
    +47 51 30 99 19

    Media contact
    Alf Thorkildsen
    Chief Executive Officer
    Seadrill Management AS
    +47 51 30 99 19