SOURCE: Seadrill Limited

July 15, 2010 09:17 ET

Seadrill Limited - Information regarding the mandatory offer for all outstanding shares in Scorpion

HAMILTON, NORWAY--(Marketwire - July 15, 2010) -

Hamilton, Bermuda, July 15, 2010

- Reference is made to Seadrill Limited's ("Seadrill") mandatory offer to purchase all of the shares in Scorpion Offshore Ltd. ("Scorpion") at NOK40.50 per share expiring on Friday, July 16, 2010 (the "Offer").

Seadrill has received acceptances of the Offer totaling 30,474,619 shares. This will, together with the shares already owned by Seadrill in Scorpion, take Seadrill's total holding of Scorpion shares to 75,485,470, representing approximately 84 percent of all of the issued shares in Scorpion.

Seadrill hereby announces that it will perform settlement of the Offer on the forthcoming Wednesday, July 21. As such, all Scorpion shareholders accepting the Offer should have the funds available on their respective bank accounts shortly thereafter.

The directors of Scorpion not affiliated to Seadrill have agreed to resign voluntary from their positions on the date Seadrill execute the settlement of the Offer.

Seadrill will from the same date have full operational control of Scorpion.

Seadrill intends to integrate the activities of Scorpion with its own as soon as possible and intend, as a consequence of being the holder of the vast majority of Scorpion shares, call a shareholders meeting in Scorpion and propose to this that the Scorpion shares are delisted from the Oslo Stock Exchange.

In view of the above Seadrill urges all shareholders in Scorpion not yet having accepted the Offer to do the same by the deadline on Friday at 17:30 CET this week.

Seadrill is not bound to maintain the Offer following this date and cannot guarantee that it will purchase further shares at the price level reflected in the Offer.

This information is subject of the disclosure requirements acc. to §5- 12 vphl (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

Contact Information

  • Contact:
    Jim Datland
    Vice President Investor Relations
    Seadrill Management AS
    +47 51 30 99 19