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SDRL - Seadrill Limited Agrees To Acquire High Specification Jack-up Prospector 3

Stocks in this article: SDRL

HAMILTON, Bermuda, Nov. 15, 2013 (GLOBE NEWSWIRE) --

Seadrill Limited announced today that it
has entered into an agreement to acquire the company that owns the yard
construction contract of the newbuild high specification jack-up rig Prospector
3 from Prospector Offshore for a total purchase price of US$235 million. In
addition, Seadrill will provide drilling and handling tools, spares and
operations preparations resulting in a total cost for this rig, ready to drill,
of approximately US$250 million.
The Prospector 3 is scheduled to be delivered from Dalian Shipbuilding Industry
Offshore Co., Ltd. (DSIC Offshore) in China during the first quarter of 2014.
The new unit is based on the F&G JU2000E design, with water depth capacity of
400ft and drilling depth of 35,000ft.
The agreement with Prospector is subject to approval by DSIC Offshore.
The lack of premium jack-up newbuild activity over the last decade is beginning
to be felt and demand is currently exceeding available supply.  The tightness in
the market is leading many customers to contract these units for significantly
longer terms than previously experienced for this asset class.  The Board of
Seadrill continues to be of opinion that the premium jack-up market provides a
compelling investment opportunity.


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

[HUG#1743508]

CONTACT: Seadrill
         +47 51 30 99 00

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