Seadrill and Mermaid Maritime to own 66.18 percent and 33.76 percent of the Asia Offshore Drilling

Asia Offshore Drilling Ltd issued 20,000,000 new shares at a subscription price of US$5 per share raising in total US$100 million in proceeds, the company reports. Seadrill Limited and Mermaid Maritime Plc., the majority shareholders in the Asia Offshore, subscribed pro-rata to the entire share capital issue. Seadrill Limited and Mermaid Maritime Plc. will own 66.18 percent and 33.76 percent of the Asia Offshore respectively post this transaction. This share capital increase is considered to be sufficient for the Asia Offshore's current financial commitments. On this background the Asia Offshore has resolved to reduce the authorized number of shares from 97,000,100 to 60,000,100, a reduction of 37,000,000 shares. The proceeds from the share capital increase will be used to fund the Asia Offshore's existing new-building program and for general corporate purposes. With Seadrill Limited and Mermaid Maritime Plc. having a total ownership percent of 99.94 of the Asia Offshore, the Board has evaluated the suitability of being listed on the Oslo Stock Exchange ("OSE"). Due to the concentrated shareholders structure the Asia Offshore will in the near future apply for delisting from OSE.