HAMILTON, Bermuda, April 26, 2006 (PRIMEZONE) -- Reference is made to SeaDrill Limited's press-release dated 20 April 2006.
As previously announced, SeaDrill Limited's subsidiary, Smedvig Holding AS ("Smedvig Holding"), holds 99.4% of the votes and 96.8% of the capital in Smedvig asa ("Smedvig"). Adjusted for Smedvig`s own shares (1,998,000 class B-shares), Smedvig Holding controls 99.2% of the Smedvig capital.
On 26 April 2006, the Board in Smedvig Holding decided to exercise its right to conduct a compulsory acquisition of all remaining Shares in Smedvig (both A and B shares) not presently owned by Smedvig Holding pursuant to the Norwegian Public Limited Companies Act section 4-25. The decision to compulsory acquire will become effective as of today. The Board in Smedvig Holding will offer a compensation of NOK 205 per A-share and NOK 165 per B-share, equal to the price offered both in the previous voluntary and mandatory offers. The last day to object or reject to the compensation offered will be 3 July 2006.
A letter containing information on the compulsory acquisition will be sent to all remaining shareholders in Smedvig today.
As a consequence of the compulsory acquisition, all Smedvig shares not already owned by Smedvig Holding will be blocked for trading in the VPS with effect after trading hours today, and thereafter transferred to Smedvig Holding's VPS account on 2 May 2006.
Subsequent to the compulsory acquisition, the general meeting of Smedvig is expected to apply to Oslo Boers for a delisting of its shares. It is expected that such an application will be filed as soon as practically possible.