SDRL - Seadrill Partners LLC Prices Initial Public Offering of CommonUnits
HAMILTON, BERMUDA, Oct 19, 2012 (Menafn - MARKETWIRE via COMTEX) --Seadrill Partners LLC SDLP ("Seadrill Partners") todayannounced that it priced its initial public offeringof 8,750,000common units at a price of 22.00 per unit. Seadrill Partners hasgranted the underwriters a 30-day over-allotment option topurchase 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." Theoffering is expected to close on or about October 24, 2012,subjectto customary closing conditions.
Following completion of the offering, Seadrill Limited ("Seadrill") will own 16,065,025 common units and all of thesubordinated units of Seadrill Partners,representing a 78.8% limitedliability company interest in Seadrill Partners. If the underwriters' over-allotment option is exercised in full, Seadrillwill own 14,752,525 common units and all of the subordinated units,representing a 75.7%limited liability company interest in SeadrillPartners.
Seadrill Partners intends to use the net proceeds from theoffering, which are estimated to be approximately 175.5 million, after deducting estimatedunderwriting discounts andcommissions, structuring fees and estimated offeringexpenses, as consideration for the acquisition of its interest inSeadrillOperating LP and Seadrill Capricorn Holdings LLC.
Citigroup, Morgan Stanley and Wells Fargo Securities are actingas the jointbook-running managers in the transaction. The offeringof the common units willbe made only by means of a prospectus. A written prospectus meeting the requirements ofSection 10 of the Securities Act of 1933 may be obtained fromtheoffices of:
Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue,Edgewood, NY 11717., Email: BATProspectusdept@citi.com,Telephone: 800-831-9146
Morgan Stanley, Attention: Prospectus Department, 180 Varick Street,2nd Floor,New York, NY 10014, Email: prospectus@morganstanley.com,Telephone: 866-718-1649
Wells Fargo Securities, Attn: Equity Syndicate Dept., 375 ParkAvenue, New York,NY 10152, Email: cmclientsupport@wellsfargo.com,Telephone: 800-326-5897.
A registration statement relating to Seadrill Partners commonunits has beenfiled with and declared effective by the U.S.Securities and Exchange Commission(SEC). The registration statement is available on the SEC's website at www.sec.gov.
This news release shall not constitute an offer to sell or thesolicitation of an offer to buy nor shall there be any sale of thecommon units described above,nor will there be any sales of these common units in any state or jurisdictionin which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state orother jurisdiction.
The statements in this news release that are not historicalfacts may be forward-looking statements. Such forward looking statements, including the expected closing date and the expectednet proceeds from the offering, basedupon the current beliefs andexpectations of Seadrill Partners' management, are subject to risksand uncertainties which could cause actual results to differfrom the forward looking statements. The information set forth hereinshould be read in light of such risks. Seadrill Partners does notassume any obligation to update the information contained in thisnews release.
This information is subject of the disclosurerequirements pursuant to section5-12 of the Norwegian SecuritiesTrading Act.
This announcement is distributed by Thomson Reuterson behalf of Thomson Reuters clients. The owner of this announcementwarrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Seadrill Limited via Thomson Reuters ONE
[HUG#1650599]
Media contact
Rune Magnus Lundetrae
Chief Financial Officer
Seadrill Management AS
47 51 30 91 26
Analyst contact
Ragnvald Kavli
Investor Relations Manager
Seadrill Management AS
47 51 30 96 27
SOURCE: Seadrill Limited
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