Seadrill New Finance Limited (the “Issuer”) Announces Seabras JV Fleet Status Report
30. Nov 2021
Hamilton, Bermuda, November 30, 2021 – Seadrill Limited (“Seadrill” or "the Company") (OSE:SDRL, OTCPK:SDRLF) and the Issuer announce the publication of a Fleet status report for the Seabras Sapura JV.
The Issuer continues to take steps to give effect to the restructuring of the Issuer and its 12.0% senior secured notes due 2025 (the “Notes”) as contemplated by the Restructuring Support Agreement entered into between the Issuer and certain of its subsidiaries and approximately 81% of holders of the Notes, dated July 2, 2021. The restructuring of the Issuer is expected to be implemented through a pre-packaged Chapter 11 process. For further details, please refer to the Previous Announcements.
This announcement relates to the Seabras Sapura JV, a 50:50 JV of the Issuer, and has no relation to Seadrill Limited’s plan of reorganisation (the “Plan”) and therefore is not expected to impact the recoveries existing shareholders of Seadrill Limited will receive under the Plan. Consummation of the Plan is subject to a number of customary terms and conditions, including court approval, which was obtained on October 26, 2021.
About Seadrill
Seadrill is a leading offshore drilling contractor utilizing advanced technology to unlock oil and gas resources for clients across harsh and benign locations across the globe. Seadrill’s high quality, technologically advanced fleet spans all asset classes allowing its experienced crews to conduct its operations from shallow to ultra-deep-water environments. The Company operates 38 rigs, which includes drillships, jack-ups and semi-submersibles.
Seadrill is listed on the Oslo Børs and OTC Pink markets. For more information, visit https://www.seadrill.com/.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.