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

HAMILTON, Bermuda, Nov. 15, 2013 (GLOBE NEWSWIRE) --
Seadrill Limited announced today that ithas entered into an agreement to acquire the company that owns the yardconstruction contract of the newbuild high specification jack-up rig Prospector3 from Prospector Offshore for a total purchase price of US$235 million. Inaddition, Seadrill will provide drilling and handling tools, spares andoperations 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 IndustryOffshore 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 of400ft 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 beginningto be felt and demand is currently exceeding available supply.  The tightness inthe market is leading many customers to contract these units for significantlylonger terms than previously experienced for this asset class.  The Board ofSeadrill continues to be of opinion that the premium jack-up market provides acompelling investment opportunity.This information is subject of the disclosure requirements pursuant to section5-12 of the Norwegian Securities Trading Act.[HUG#1743508]
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