Stocks that Float: TANKERS & DRY BULK SHIPPERS

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SDRL - Disclosure regarding Pride International Inc

At present, Seadrill owns 200,000 Pride International Inc. common shares and has entered into forwards under which it would acquire 16,300,000 Pride International Inc. common shares when the forwards settle. Seadrill has filed a Hart-Scott-Rodino notification so as to permit it to settle the forwards and acquire the 16,300,000 common shares covered by the forwards. Based on yesterday's closing share price of Pride on the New York Stock Exchange, Seadrill's exposure, including the shares covered by the forwards, has a gross value of some US$708 million which includes approximately US$140 million in unrealized gains. Seadrill has written to Pride and asked for a meeting to discuss potential strategic benefits for both parties of a transaction between the two companies.


Seadrill Limited
Hamilton, Bermuda
April 23, 2008

Published: 08:32 23.04.2008 GMT+2 /HUGIN /Source: Seadrill Limited /OSE: SDRL /ISIN: BMG7945E1057