Replies to post #593 on Stocks that Float: TANKERS & DRY BULK SHIPPERS (SHIPPERS)

[xanadu90]

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

[Milner]

Xanadu,

I read an article about AHT tugs. The jist of this article was that in the next year over 100 AHTs are coming online and that the sector wont be able to keep them all busy. I disagree firmly with this on a couple levels. One point i would make that i believe that the sector is booming like you said and they are going to need more tugs. A second point is that alot of the tugs in use are old and are going to need to come out of service in the next few years. From what i understand these tugs were built in the 1970's and are nearing their useful service. What is your take on this and am i way off base here.

Thanks