HAMILTON, Bermuda, Nov. 30, 2005 (PRIMEZONE) -- SeaDrill Limited (Other OTC:SDRLF) (Oslo:SDRL):
Highlights
-- SeaDrill Limited was established on May 10, 2005
-- Shares in the Company were listed on the Oslo Stock Exchange on
November 22, 2005
-- The Company is reporting a net loss of $12.2 million for Q3 2005,
of which $5.7 million was the share of loss from associated
company - Ocean Rig ASA
-- The rig fleet is expected to reach nearly full utilisation at
market rates in Q1 2006
-- The build up of the SeaDrill organisation in Singapore is
progressing well
Introduction
SeaDrill Limited ("SeaDrill" or the "Company") was incorporated in Bermuda on May 10, 2005. The Company is engaged in the business of ownership and operations of offshore and onshore drilling rigs and other vessels to be used in the exploration, production and transportation of crude oil. As of the date hereof, the Company owns and operates three jack-up rigs and two floating production, storage and off-loading ("FPSO") vessels, has four jack-up rigs and three semi-submersible rigs under construction and holds one option to order a further jack-up rig and three options to order further semi-submersible rigs.
The Company acquired seven of these assets through a series of transactions with Greenwich Holdings Limited ("Greenwich'), Hemen Holdings Ltd ("Hemen"), Seatankers Management Co. Ltd ("Seatankers"), all of which are related parties. In addition, through the acquisition of Odfjell Invest Ltd, which has been renamed to SeaDrill Invest Ltd, SeaDrill acquired two of the jack-up rigs currently under construction. SeaDrill also holds approximately 25% of the shares of Ocean Rig ASA ("Ocean Rig"), which owns and operates two of the currently most advanced harsh environment, deepwater semi-submersible rigs in the world, and 33.03% of the issued shares in PT Apexindo Pratama Duta Tbk, ("Apexindo") an Indonesian onshore and offshore drilling company whose shares are listed on the Jakarta Stock Exchange. Apexindo is the largest drilling contractor in Indonesia. The Company has financed these acquisitions through a series of share issues and private placements and at September 30, 2005 the Company has authorised share capital of $800,000,000 and issued share capital of $440,079,524 represented by 220,039,762 shares of par value $2.00 each.
SeaDrill's shares have traded on the Norwegian "Over the Counter Market", since May 30, 2005. In connection with the listing on the Oslo Stock Exchange on November 22, the Company published a prospectus. The details of share issues and private placements, as well as acquisitions of various companies and investments, are disclosed therein.
For the full report please see the attachment below or go to our website www.seadrill.bm.
Attachments: http://hugin.info/135817/R/1023581/162155.pdf
November 30, 2005 The Board of Directors SeaDrill Limited Hamilton, Bermuda Questions should be directed to: Contact: Tor Olav Troim: Chief Executive Officer + 44 7734 976 575 Tom E Jebsen: Chief Financial Officer +47 23 11 40 00 Bengt Neteland: Vice President Finance +47 23 11 40 00