The Appeals Selection Committee of the Supreme Court has considered Seadrill’s appeal against the ruling of 9 March 2009 by the Borgarting Court of Appeal on the annulment action brought by Seadrill Limited against Oslo Børs in connection with the decision of the Stock Exchange Appeals Committee in respect of Seadrill’s duty to make a mandatory offer for Eastern Drilling ASA. The Appeals Selection Committee has refused to grant Seadrill leave to appeal to the Supreme Court.
Seadrill issued civil proceedings in 2007 against Oslo Børs claiming that the Stock Exchange Appeals Committee’s decision of 12 December 2006 was invalid. The Committee had ruled that Seadrill had a duty to make a mandatory offer for shares in the stock exchange listed company Eastern Drilling for reasons of consolidation with Carnegie ASA, and that Seadrill could not avoid the duty to make a mandatory offer by selling shares to reduce its holding below the threshold for a mandatory offer. The Oslo District Court ruled in favour of Oslo Børs in December 2007. This ruling was reaffirmed by the Borgarting Court of Appeal’s decision of 9 March 2009 following its hearing of Seadrill’s appeal against the District Court’s ruling.
The decision by the Borgarting Court of Appeal is therefore final.