Seadrill Ltd. - 2011-04-07

The loan agreement for the US$1-billion, five-year convertible bond issued by Seadrill Ltd., Hamilton, Bermuda, (NYSE: SDRL; Oslo: SDRL) in 2007, maturing on November 8, 2012 provides Seadrill with the right to redeem the remaining outstanding bonds at par value plus accrued interest under certain conditions.

The remaining outstanding loan amount is US$749.5 million and current conversion price is $27.8 per share.