Seadrill is preparing to make a move

But the question remains… what?

Hamilton, Bermuda, September 28, 2010 - Seadrill Limited (“Seadrill” or the “Company”)
announces today that it is in the process of issuing a new 5 year US dollar bond in the
international market. The contemplated size of the bond issue is in the range US$200-400
million, whereof US$200 million is already committed from investors.

The books will stay open until 7PM CET Wednesday September 29th, but may close earlier
at the company’s discretion.

The senior unsecured bonds will have a coupon of 6.5% payable semi-annually in arrears
and will mature in October 2015. The bonds will be issued and redeemed at 100% of their
principal amount. The bonds are expected to be settled on or around October 5, 2010.
Seadrill intends to list the bonds on the Oslo Stock Exchange. Proceeds from the bond
issue will be used for general corporate purposes.

Carnegie ASA and Pareto Securities AS are acting as joint-lead managers and joint book

This announcement does not constitute or form part of an offer to sell or the
solicitation of an offer to subscribe for any securities of Seadrill Limited.

[QUOTE=cmjeff;42423]But the question remains… what?[/QUOTE]


Seadrill bags $350m
John Fredriksen’s Seadrill has boosted its firepower after completing a bond issue but it has fallen short of its top target.

John Fredriksen.
Oslo-listed Seadrill says it raked in $350m from the move, which first came to light earlier this week.

It had set a goal of raising up to $400m having already secured commitments from investors for $200m before the plan was announced to the stock exchange.

Seadrill says only that the proceeds will be used for general corporate purposes.

However, Fredriksen has said the drilling sector is where he sees the greatest opportunity for consolidation. He has even hinted a swoop for US giant Transocean could be on the cards.

Last month Norway’s richest man said he also expected rig rates to improve as harsher regulations come on line following the Gulf of Mexico oil spill.

The bond, which will carry a coupon on 6.5%, will be listed on the Oslo Stock Exchange.

TradeWinds reported earlier this month that Seadrill could launch a third listing in Brazil to boost its presence in the country.

Seadrill boasted cash reserves of $602m at the end of the second quarter.

By Andy Pierce in London


I’m not sure how I feel about but, as long as it’s not Noble I’ll be ok.