Seadrill Limited
OSLO : SDRL

May 11, 2011 03:23 ET

SDRL - Settlement of the outstanding 2012 convertible bond completed

HAMILTON, BERMUDA--(Marketwire - May 11, 2011) -

Reference is made to news release dated April 7, 2011 disclosing that Seadrill had exercised its right to redeem the remaining outstanding bonds of the 2012 convertible bond (ISIN NO 001 0395981). The remaining convertible bonds outstanding that was settle on May 10, 2011, totaled US$749.4 million of which bondholders representing US$721.2 million had requested conversion within the conversion date stipulated in the loan agreement. The other US$28.2 million was redeemed at par. In connection with conversion of the bonds, Seadrill Limited has issued 25,942,446 new shares at par value of US$2.00 increasing the number of outstanding common shares to 469,250,933 shares.

In order to reduce the dilution effect of the conversion Seadrill has since April 18, 2011 repurchased 2,350,000 common shares at an average price of NOK183.6 per share, equivalent to an average price of US$34.3 per share. The Company's current holding of treasury shares is 2,545,690 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#1514477]

Contact Information

  • Seadrill
    +47 51 30 99 00