Seadrill Not Successful In Its Legal Proceedings Against Oslo Børs

On the afternoon of Monday 3 December, the Oslo District Court issued its ruling 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. Seadrill’s claim that the Committee’s decision was invalid did not succeed.

As is known, Seadrill issued civil proceedings against Oslo Børs claiming that the Stock Exchange Appeals Committee’s decision of 12 December 2006 is invalid. The Committee ruled that Seadrill had a duty to make a mandatory offer for shares in Eastern Drilling for reasons of consolidation.

“We are satisfied that the Court has affirmed our view that consolidation did apply and Seadrill had a duty to make a mandatory offer for shares in Eastern Drilling. Oslo Børs is concerned to see that the rules on mandatory offers and protection of minority shareholders maintain a high standard in order to ensure effective protection for minority shareholders in a takeover situation”, comments Bente A. Landsnes, President and CEO of Oslo Børs.

The Oslo District Court ruling will be available (in Norwegian) on the Oslo Børs website from Tuesday 4 December.