SDRL - Seadrill increases its ownership in Scorpion Offshore Limited

ID: 1015486
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(Thomson Reuters ONE) -


Hamilton, Bermuda, May 31, 2010 - Seadrill Limited ("Seadrill") announces the
acquisition of a further 9,071,948 shares in Scorpion Offshore Limited
("Scorpion") on Friday, May 28, 2010 taking its total holding to 45,010,851
shares, representing 50.11 percent of the issued shares in Scorpion. The
acquisition of the additional shares was made through Pareto Securities ASA at a
price of NOK40.50 per share.

As a consequence of the above, Seadrill will make a new mandatory offer for all
of the remaining shares in Scorpion as required by the Norwegian Securities
Trading Act at a price per share of NOK40.50. This offer is intended to be made
during the course of this week. The offer will have an acceptance period of 6
weeks.

Seadrill will today request the board of Scorpion to call for an extraordinary
general meeting in order to elect a new board of directors. Seadrill expects the
current directors to tender their resignations from the board in advance of this
so as to enable the extraordinary general meeting to elect a board reflecting
the fact that Scorpion now is majority owned by Seadrill.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS says, "We
decided to increase the offer price after a thorough evaluation of the
situation. Special emphasize was given to the strengthening of the US$ against
NOK since the original offer was launched and the significant contract backlog
in Scorpion limiting the risk associated with the transaction. The acquisition
of Scorpion, when completed, creates the largest modern jack-up rig fleet in the
world with a total of 14 units built after 2006. It will increase our earnings
and strengthen our position as the leading operator of modern high quality
drilling equipment."


Contact:
Jim Dåtland
VP Investor Relations
Seadrill Management AS


+47 51 30 99 19


This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


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Date: 05/31/2010 - 02:36
Language: English
News-ID 1015486
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Firma: Seadrill Limited
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Stadt: Hamilton
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