Seadrill Bondholders: Majority Accept Conversion Offer

Maritime Activity Reports, Inc.

July 23, 2014

Offshore drillship: Image Seadrill

Offshore drillship: Image Seadrill

Seadrill Limited says that holders of approximately US$547 million of Seadrill's convertible bonds due 2017 (representing approx. 84.1% of the total outstanding amount) have submitted their acceptances of the voluntary conversion offer made by Seadrill on 18th July 2014.

Bondholders in Seadrill's convertible bonds due 2017 are reminded about the "90% clean-up call" as described in the Bond agreement clause 10.2.2 which gives Seadrill the right to call the remaining part of the bonds at par value plus accrued interest provided that 90% or more of the original issued amount of US$650 million have been redeemed or converted into shares.

The VWAP ("volume weighted average price") for the incentive offers, calculated in accordance with the conditions stipulated in the incentive offer, is US$37.61. As a result, the incentive payment value will be US$12,102.95 per US$100,000 principal amount of bond.  
 
Seadrill add that the acceptance period for the offering will close, 24 July at 17.00 CET. ABG Sundal Collier is engaged by Seadrill as managers for the voluntary incentive offer.  
 

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