Seadrill Ltd (SDRL)

[guchu]

The key aims of the Company`s restructuring continue to be building a bridge to a recovery and achieving a sustainable capital structure. Based on these considerations, the Company projected that this be achieved by:
1. Extending bank maturities to mature in the period from 2021 to 2023, reducing fixed amortization and amending financial covenants;
2. Extending the maturity of unsecured claims to mature in the period from 2025 to 2028; and
3. Raising at least $1.0 billion in new capital.

The Company is targeting reaching a contract on a consensual, comprehensive restructuring before the maturity of the West Eminence facility on April 30, 2017. Assuming we achieve this target, we expect the implementation of a contract to occur during the second quarter of 2017. We are also actively preparing various contingency plans in the event we do not reach a consensual agreement.

Per Wullf, CEO and President of Seadrill Administration Ltd. comments: “These negotiations have proved to be more complex than we had originally anticipated. Nevertheless, key stakeholders have demonstrated a clear desire to be part of a solution and with the right structure and terms we believe there is noteworthycapital available to us. Seadrill is a great company with excellent people, assets and customers and we look forward to concluding a transaction that ensures Seadrill continues to be well positioned for the eventual recovery in the industry.”

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