OSLO (Bloomberg) ? SeaDrill Ltd., the oil-drilling company set up by Norwegian shipping billionaire John Fredriksen in May, has been approved for a listing on the Oslo Stock Exchange.

The shares may start trading by November 25, after the Bermuda-based company has published an approved prospectus and added an independent member to the board of directors, the Oslo exchange said in a statement. The exchange has granted an exception from the rule that a company has to have existed for at least three years before listing.

SeaDrill, which plans to become one of the world?s top five rig companies measured both by the size of its rig fleet and by market capitalisation, had considered listing in New York instead of in Oslo, Director Tor Olav Troim said.