Hamilton, Bermuda, April 12, 2010 - Seadrill Limited ("Seadrill") has today, through market transactions, acquired 1.3 million shares in Scorpion Offshore Limited ("Scorpion"). The shares have been acquired at a price of NOK36.00 per share.
Seadrill is, following this acquisition, the owner of 35,938,903 shares in Scorpion representing a total of 40.1% of Scorpion's issued shares.
The acquisition triggers an obligation on Seadrill to make a mandatory cash offer for Scorpion's remaining shares or to reduce its holding below the 40% threshold within four weeks from today.
Seadrill has decided to make a cash offer for the remaining shares in Scorpion.
and
The Board of Seadrill further announces that Seadrill has entered into an option agreement with Jurong Shipyard to buy a high specification, harsh environment, jack-up rig of the CJ70 design which is presently under construction at the yard. The rig is expected to be delivered at the end of the first quarter of 2011. Seadrill is currently in final discussions with a charterer regarding a potential long term employment of the rig. In the event these discussions are successfully completed, Seadrill will exercise their option and purchase the rig.
In order to finance the Scorpion offer and the potential acquisition of the CJ70 design jack-up rig, Seadrill will, today, seek to issue up to 12,500,000 shares in a private placement. The issue is guaranteed by Seadrill's major shareholder Hemen Holding Ltd.
If memory serves me correct this newbuild jackup was originally ordered by the now bankrupt B.G Larsen outfit Petroprod.
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