SOURCE: Seadrill Limited

April 28, 2008 11:58 ET

SDRL - Order to purchase 15.8 million shares in Scorpion Offshore Ltd.

HAMILTON, NORWAY--(Marketwire - April 28, 2008) - SeaDrill Limited has resolved to not accept the voluntary offer set forth from Fortune Private Equity LLC on Scorpion Offshore Ltd. ("Scorpion"), and has in order to give the shareholders in Scorpion a similar alternative, which is not subject to 90 % acceptance, decided to offer to purchase 15.8 million of the outstanding shares in Scorpion to a price of NOK 80 per share based on an all or nothing order. If successful, Seadrill will pursue to set forth a mandatory offer of the remaining shares.

Seadrill has retained Carnegie ASA and Pareto Securities AS as financial advisors for the acquisition of Scorpion shares.

Scorpion shareholders who want to support this initiative, need to submit their sell-order to Carnegie ASA, by telephone +47 22 00 93 87 or Pareto Securities, by telephone +47 22 87 87 50.

Hamilton, Bermuda
28 April 2008
Contact: Tor Olav Trøim, Director + 44 207 824 5530

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Contact Information

  • Contact:
    Tor Olav Trøim
    Director
    + 44 207 824 5530