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Seadrill Ltd to Buy up to 116,947,252 Shares in Sevan Drilling ASA, Corresponding to Ownership Stake of 50%

Wednesday, 26 Jun 2013 10:59am EDT 

Sevan Drilling ASA announced that Seadrill Ltd has engaged DNB Markets to explore the opportunity to buy up to 116,947,252 shares in Sevan Drilling ASA at NOK 3.95 per share. This corresponds to an ownership stake of 50% of the shares based on 594,623,436 shares outstanding. Seadrill Ltd is of the opinion that the financing plan proposed by Sevan Drilling on June 19, 2013 is value destructive for the shareholders in Sevan Drilling. Subject to a completion of the proposed share purchase Seadrill Ltd aims to propose an alternative and improved financing structure. If Seadrill Ltd is successful in acquiring 50.1% of Sevan Drilling, Seadrill Ltd has also the intention to call an extraordinary shareholder meeting. In such a meeting Seadrill Ltd will propose a new Board reflecting the new shareholder structure and will also offer shareholders to take over management of the Sevan rigs through a more competitive management agreement. If Seadrill Ltd is not able to acquire 50.1%, Seadrill Ltd will consider to dispose of their current stake in Sevan Drilling. The offer will commence as of publication of this notice. The offer will be open until 22.00 CET June 26, 2013, or when the order is filled. Seadrill Ltd reserves the right, at its own discretion, to purchase fewer, more shares or no shares at all. 

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18 Dec 2014