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SeaDrill Ltd Sells Shares in Sevan Drilling ASA

Wednesday, 30 Jan 2013 11:09am EST 

SeaDrill Ltd announced that it has received and accepted an offer from a commercial bank to finance its current exposure to Sevan Drilling ASA (Sevan) through a forward agreement. Seadrill has in connection with this sold its existing 96,000,000 shares and received a forward agreement with exposure to the same number of shares. The shares have been sold at NOK 3.95 per share. The forward agreement runs until April 30, 2013 and has a strike price of NOK 3.9851. Following the new agreement, Seadrill is no longer direct owner of any shares in Sevan, but is exposed though forward agreements to 96,000,000 shares or 28.52% of the outstanding shares. 

Company Quote

0.24 +1.94%
19 Dec 2014