Seadrill exchanges $55 million of 5 5/8% notes due 2017 for shares

New York, May 18 – Seadrill Ltd. said it exchanged $55 million of its 5 5/8% senior notes due 2017 for common stock.

The company issued 8,184,340 shares for the notes, raising its total shares outstanding to 500,944,280, according to an 8-K filing with the Securities and Exchange Commission.

Seadrill made the exchange via a privately negotiated agreement.

Settlement is scheduled for Friday.

The company’s stock closed at $3.72 on Tuesday.

Seadrill is an Oslo, Norway-based provider of offshore drilling services to the oil and gas industry.

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