Oslo Børs: Press Release From The Stock Exchange Appeals Commitee (EDRILL)

At its meeting on 12 December 2006, the Stock Exchange Appeals Committee considered appeals from:

1. Cheyne Special Situations Fund LP, Arnold and S Bleichroedher Holdings Inc, Aetos Corporation, Iolaire Investment Limited Partnership, Institutional Benchmark Series (Master Feeder) Limited (the Bakram Series) and MSS Capital Limited,
2. Eastern Drilling ASA (“Eastern Drilling”), Lime Rock Partners III, L.P and Universities Superannuation Scheme, and
3. SeaDrill Ltd (‘SeaDrill’) against the decision made by the Board of Oslo Børs on 25 October 2006 to extend its previous approval of SeaDrill’s mandatory offer for shares in Eastern Drilling etc.

The Appeals Committee rejected the request for SeaDrill’s appeal to be dismissed.

The Appeals Committee approved the following resolution:

'
1. The decision by the Board of Oslo Børs on 25 October 2006 to consolidate SeaDrill Ltd and Carnegie ASA in relation to the rules on the duty to make a mandatory offer in respect of shares in Eastern Drilling ASA is upheld.
2. SeaDrill Ltd is under a duty to make a new offer to purchase the remaining shares in Eastern Drilling ASA.‘

The Stock Exchange Appeals Committee is appointed by the Ministry of Finance, and is independent of Oslo Børs. Oslo Børs is responsible only for publishing the Committee’s rulings.