SOURCE: Seadrill Limited

March 05, 2009 02:28 ET

SDRL - Seadrill subscribes to Scorpion private placement

HAMILTON, BERMUDA--(Marketwire - March 5, 2009) -

Seadrill has participated in the Scorpion Offshore Limited private placement and subscribed and been allocated 10,810,811 shares at NOK16.00 per share, representing an investment of US$24.4 million. Seadrill directly and indirectly controls 39.6 percent of the outstanding shares through forward contracts for 22,192,500 shares and direct ownership of 12,446,403 shares.

Seadrill considers its ownership interest in Scorpion as a long-term strategic investment. The participation in the private placement was based on a decision to contribute to build a financial foundation, enabling Scorpion to conclude its jack-up investment program and cover the losses related to Scorpion's deepwater project which now is terminated.

Analyst contact:
Jim Dåtland
Vice President Investor Relations
Seadrill Management AS
+47 51 30 99 19

Media contact:
Trond Brandsrud
Chief Financial Officer
Seadrill Management AS
+47 51 30 99 19

Seadrill Limited
Hamilton, Bermuda
March 5, 2008

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

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