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SDRL - Status of voluntary incentive offer in Seadrill's convertible bond due 2017

HAMILTON, Bermuda, July 23, 2014 (GLOBE NEWSWIRE) -- Seadrill Limited is pleased to announce that holders of approximately US$547 million of Seadrill's convertible bonds due 2017 have submitted their acceptances of the voluntary conversion offer made by Seadrill on 18th July 2014. This represents approx. 84.1% of the total outstanding amount. Bondholders in Seadrill's convertible bonds due 2017 are hereby reminded about the "90% clean-up call" as described in the Bond agreement clause 10.2.2 which gives Seadrill the right to call the remaining part of the bonds at par value plus accrued interest provided that 90% or more of the original issued amount of US$650 million have been redeemed or converted into shares.

The VWAP ("volume weighted average price") for the incentive offers, calculated in accordance with the conditions stipulated in the incentive offer, is US$37.61. As a result, the incentive payment value will be US$12,102.95 per US$100,000 principal amount of bond.

The acceptance period for the offering will close tomorrow, 24 July at 17.00 CET. ABG Sundal Collier is engaged by Seadrill as managers for the voluntary incentive offer.

Questions should be directed to:

Rune Magnus Lundetræ

Chief Financial Officer

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Source:Seadrill Limited