When It Rains It Pours

If $500 million in new capital wasn’t enough, the trustee of the NOK 2 billion 9.75% Petromena bond informed Seadrill Limited that the bond would be partially repaid. Accordingly, Seadrill, which owns 81.1% of the issue, anticipates receiving $104 million, which will increase the company’s dividend capacity in the 2nd half of 2009. Perhaps, this windfall is the reason for the reduced amount of the convertible bond

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