SRDL - Seadrill to establish an independent well services company

Seadrill has decided to establish a separate entity for its well services activities with the ambition to create a large international well services company. The new company will be named Seawell Limited where Mr Jørgen Peter Rasmussen will be appointed Chairman of the Board and Mr Alf Ragnar Løvdal will be appointed Chief Executive Officer of Seawell Management AS.
 
Seawell's core business is platform drilling, engineering and well intervention services. The Platform Drilling and Engineering Division delivers production drilling and well maintenance services on 21 platforms, as well as drilling facility upgrading and modifications while the Well Intervention Division offers multi-skilled personnel and state-of-the art equipment packages for mechanical and electrical wireline services. The business employs approximately 1,800 skilled and experienced employees.


In order to set up Seawell Limited on a stand-alone basis, new equity has been raised through a private placement of a total of 20 million shares to a subscription price of NOK13.75 per share. Gross proceeds from the equity issue amounted to NOK275 million (equivalent to approximately US$49.8 million). The total number of shares outstanding after the issue will be 100 million. Following the private placement, Seadrill will remain an 80 percent shareholder in Seawell Limited.
 
+47 51 30 99 19


Seadrill Limited
Hamilton, Bermuda
September 24, 2007