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Two items to end April 2012.
1. Exercise of an option held by Hemen holdings and transferred to SDRL- another 7th generation
drillship order.
http://www.seadrill.com/modules/module_123/proxy.asp?C=42&am...

2. Letter of award on a three-year deal in West Africa for a UDW submersible rig
http://www.seadrill.com/modules/module_123/proxy.asp?C=42&am...

Crunching the numbers, that works out to > $600K daily.
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Hohum,

We're holding calls jan 13 39's and 14 45's and think that the drop down can present an interesting opportunity when the MLP arrives.

Have had meetings with TOT and think we'll be looking at 50's here.

Any thoughts appreciated.

jz
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For whatever it's worth, SDRL has been spending time in the Mechanical Investing Board's YLDEARNYEAR screen which is favored by many as one of its more stable money earners.

Jeff
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Have had meetings with TOT and think we'll be looking at 50's here.

Any thoughts appreciated.

jz


By TOT, I presume you mean the person a.k.a. Tor Olav Troim, and not the company i.e. Total?

His presence on the boards of various Fredriksen entities (GLNG, FRO), or Fredriksen-affiliated
companies (VLCCF) suggest that he is among Fredriksen's inner team. That said, I've heard he can
be somewhat of a loose cannon e.g. he compared the tanker downturn to the Black Plague. How does one
tell if they are talking to TOT the trusted advisor, or TOT the loose cannon? No idea.

I'm not an option expert. But, I'd imagine one factor would be the price you paid for the option.
I mean, at least to me, it makes a different if one paid 20c per option vs paying $2.00 per option.
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Hohum,

Thanks.

Was simply interested in your views re two year targets for SDRL, since you crunch a lot of numbers. We're holding these and other options. We got them at very good prices relative to present. And we're not buyers unless we see good prices again. Trading is kind of our specialty.

We've been close to for him quite a while as well as operating management members. His views on the drilling sector are valued.....and have proven right.

Interesting times, and likely to remain so.


jz
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Didn't attend the HW conference, but Thorkildsen provided a very complete presentation, including discussions of sector backlogs, pricing, newbuilds, financing/M&A plans and dividend policy going forward, as well as discussion of carveouts of NATDF and SeaBras.


http://www.seadrill.com/stream_file.asp?iEntityId=1353

jz
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I think I had skimmed through that presentation. One portion of that presentation, the newbuild
plans, is unofficially stale- the company just added another UDW asset, a harsh environment UDW drilling
rig. That's 18 newbuild vessels, and three of the four additional assets are the higher end i.e.
two UDW drilling rigs and an UDW drillship.

http://www.seadrill.com/modules/module_123/proxy.asp?C=42&am...
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They will do well. Just waiting for signals. Have a smallish core position, but no good being early, since most of the info out there seems to be in the price.

jz
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Just a thought.
Should be giving us better dividends, since it looks like the boss wants them. I'd be surprised is they don't move to 4 sometime in next few months. Cash will there because of rate development. Between SDRL and GLNG I'd be waiting to take advantage of any weakness in GLNG and moving on SDRL.
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Will dig into SDRL Q1 in separate thread, but the company announced dividend bump to 82c/sh.
Plus a special dividend of 15c/sh related to a cash disbursement related to an investment.
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