Seadrill - Discussion Paper

All,

Please find a first discussion paper on Seadrill here.

While we still have significant gaps and are not yet far enough to have reached a conclusion on the name, we feel there is already significant substance to share at this stage.

The complex capital and asset structure is coming under increasing pressure as a high number of vessels continues idle in one half of the structure, while maturities are approaching in the other.

Do please let us know if you are interested, or just call Tomas any time.

Wolfgang