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January 12, 2006

Smedvig board endorses SeaDrill offer

The board of Norwegian offshore drilling contractor Smedvig ASA today said that unanimously recommends the shareholders to accept SeaDrill Limited's voluntary offer to acquire all outstanding shares in the company. It said that it is the opinion of the Board that the offer is fair from a financial point of view, considering among others the company's underlying asset values and forecasted future cash flows.

The big question now, of course, is whether Noble Corporation will come up with a counter offer.

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