Offshore staff

OSLO, Norway --Seadrill plans to make an offer for all outstanding shares in Aker Drilling ASA.

It currently owns 3,103,230 shares, and controls a further 20,116,500 shares pursuant to forward agreements, giving it a stake in the company of 25%.

Seadrill's intended offer price is NOK40.50/share ($7.28/share), reflecting a total valuation of Aker Drilling's equity of NOK3.77 billion ($665 million).

The offer is subject to Seadrill being allowed to verify this valuation through a due diligence review of Aker Drilling's assets and financing. If Aker Drilling's board give their assent, the offer will be made in cash only, subject to Seadrill becoming the owner of more than 90% in the shares of the company.

12/17/2007