Seadrill Prices IPO Units at $22. Aims at $175.5 Mln (USA)

Seadrill Prices IPO Units at $22. Aims at $175.5 Mln (USA)

Seadrill Partners, a subsidiary of international drilling contractor Seadrill Limited, today announced that it priced its initial public offering of 8,750,000 common units at a price of $22.00 per unit.

Seadrill Partners has granted the underwriters a 30-day over-allotment option to purchase up to 1,312,500 additional common units, at the same price per unit, to cover over-allotments, if any. The common units being offered to the public are expected to begin trading on October 19, 2012, on the New York Stock Exchange under the symbol “SDLP.” The offering is expected to close on or about October 24, 2012, subject to customary closing conditions.

Following completion of the offering, Seadrill Limited (“Seadrill”) will own 16,065,025 common units and all of the subordinated units of Seadrill Partners, representing a 78.8% limited liability company interest in Seadrill Partners. If the underwriters’ over-allotment option is exercised in full, Seadrill will own 14,752,525 common units and all of the subordinated units, representing a 75.7% limited liability company interest in Seadrill Partners.

Seadrill Partners intends to use the net proceeds from the offering, which are estimated to be approximately $175.5 million, after deducting estimated underwriting discounts and commissions, structuring fees and estimated offering expenses, as consideration for the acquisition of its interest in Seadrill Operating LP and Seadrill Capricorn Holdings LLC.

Press Release, October 19, 2012

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