HAMILTON, Bermuda, July 8, 2014 (GLOBE NEWSWIRE) -- Seadrill Limited ("Seadrill" or the "Company") has decided to cancel the contemplated US$1 billion 2019 maturity convertible bond issuance due to the share price development on the day of issuance. Although the order book was covered, the adverse price movement led to an unattractive conversion price for the issue. Consequently, Seadrill will refuse to accept any Acceptance Forms delivered in connection with the voluntary incentive payment offer to convert the existing 3.375% US$650 million Seadrill convertible bonds due in 2017.
Following numerous successful transactions the Seadrill Group will have a cash balance of approximately US$1.5 billion by the end of July. In light of this strong liquidity position the Company did not view this transaction as a requirement, but rather as an opportunity.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
CONTACT: Seadrill +47 51 30 99 00Source:Seadrill Limited