SOURCE: Seadrill Limited

June 23, 2008 06:31 ET

SDRL - Mandatory offer from Seadrill

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

Reference is made to the mandatory offer set forth by Seadrill Limited for all outstanding shares in Scorpion Offshore Ltd. and our offer document dated 23 May 2008. Seadrill has currently registered acceptances for a total of 12,477 shares in Scorpion, which constitutes 0.02% of the share capital in Scorpion. Consequently, Seadrill, including shares on forward contracts, controls 36.02% of the shares in Scorpion.

The mandatory offer expires today at 16.30 CET. Seadrill has currently no intention to extend the acceptance period. Investors who want to accept the mandatory offer will consequently have to follow the procedures set forth in the offer document before 16.30 CET today.

Seadrill has retained Carnegie AS and Pareto Securities AS as managers for the mandatory offer.

The total ownership percentage has been calculated based on the issued share capital in Scorpion Offshore Ltd. of 54,205,156 shares.

23 June 2008

Analyst contact
Jim Daatland
VP Investor Relations
Seadrill Management AS
+47 51 30 99 19

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