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December 21, 2005

Fredriksen's SeaDrill to make Mosvold offer

John Fredriksen controlled SeaDrill announced that today it acquired 675,662 shares in Mosvold Drilling at NOK 14.0 per share. SeaDrill now owns 47,088,162 shares in Mosvold Drilling, representing 40.08 percent of the total outstanding shares in the company.

SeaDrill Limited says that, in line with Mosvold's by-laws, it will put forward a mandatory cash offer at NOK 14.00 to all remaining shareholders in Mosvold Drilling. The Offer Document is expected to be available within the next week.