Oil Drilling Company Faces Fine Over Bid

Law360, New York (February 27, 2007, 12:00 AM EST) -- Norwegian oil drilling contractor Seadrill Ltd. may have to face a fine of about 2 million Norwegian crowns ($326,600) per day if it does not present a mandatory offer to all shareholders in its bid for oilrig owner Eastern Drilling ASA.

Seadrill was previously told that it would have to pay 135 crowns a share for all remaining shares of Eastern Drilling ASA that it did not already own. The company said on Tuesday that the fine, by the Oslo Stock Exchange Appeals Committee, was related...
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