Wednesday, April 18, 2018 10:40:06 AM
Hamilton, Bermuda, April 18, 2018 - Seadrill Limited ("Seadrill" or the "Company") announces that its Plan of Reorganization (the "Plan") has been confirmed by the U.S. Bankruptcy Court for the Southern District of Texas. The Plan has near unanimous support from the Company's stakeholders and emergence from Chapter 11 is expected within the next 60-90 days.
The Plan strengthens our capital structure with $1.08 billion of new capital, extending and re-profiling $5.7 billion of secured bank debt, and converting $2.3 billion of unsecured bonds to equity, while leaving employee, customer, and ordinary trade claims largely unaffected.
Once implemented, we will have a strong liquidity position that will enable us to take advantage of a market recovery and to deliver our business plan.
Commenting today, Anton Dibowitz, CEO and President of Seadrill Management Ltd., said:
"Confirmation of the Plan represents a major accomplishment for Seadrill and all our stakeholders. The near unanimous support for the Plan we put forward demonstrates the level of backing we have had from all stakeholders. It is also reflects the hard work we have all put in over many months to successfully recapitalize the Company.
"There is no question that Seadrill is a great company, with the best people in the industry and we will now have the platform and strengthened balance sheet to continue to develop our business and serve our customers with the high standards they have become accustomed."
CONTACT:
Prime Clerk
US Toll Free: 844-858-8891
Brazil Toll Free: 0-800-591-8054
Mexico Toll Free: 01-800-681-5354
Nigeria Toll Free: 070-80601847
Norway Toll Free: 800-25-030
Saudi Arabia Toll Free: 800-850-0029
Singapore Toll Free: 800-492-2272
Thailand Toll Free: 1-800-011-156
UAE Toll Free: 8000-3570-4559
UK Toll Free: 0-800-069-8580
Email: seadrillinfo@primeclerk.com
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company's plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts. These statements are made based upon management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this news release. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should keep in mind the risks described from time to time in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F (File No. 001-34667). The Company undertakes no obligation to update any forward looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward looking statement.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Seadrill Limited via Globenewswire
Source: Thomson Reuters ONE (April 18, 2018 - 1:01 AM EDT)
News by QuoteMedia
www.quotemedia.com
Recent SDRL News
- Seadrill Announces First Quarter 2024 Earnings Release and Conference Call • Business Wire • 04/23/2024 08:30:00 PM
- Seadrill Limited Files its 2023 Annual Report on Form 20-F • Business Wire • 03/27/2024 10:12:00 AM
- Seadrill Announces Fourth Quarter and Full Year 2023 Results • Business Wire • 02/28/2024 10:15:00 PM
- Seadrill Announces Fourth Quarter and Full Year 2023 Earnings Release and Conference Call • Business Wire • 02/05/2024 07:30:00 AM
- Seadrill Provides Commercial Updates on West Vela, West Capella, and West Auriga • Business Wire • 01/29/2024 09:20:00 PM
- Seadrill 2024 Annual General Meeting of Shareholders • Business Wire • 01/23/2024 04:18:00 PM
- Seadrill Announces Contracts for West Auriga and West Polaris in Brazil • Business Wire • 12/22/2023 04:17:00 PM
- Seadrill Limited Announces Organizational Change • Business Wire • 12/14/2023 04:47:00 PM
- Seadrill Limited Initiates New Share Buy-back Program • Business Wire • 12/14/2023 07:16:00 AM
- Seadrill Announces Third Quarter 2023 Results and Additional $250 Million Share Repurchase Authorization • Business Wire • 11/27/2023 10:26:00 PM
- Monday’s Wall Street Highlights: Walmart, Disney, Lloyds Banking, Mitsui Financial, HSBC, and more • IH Market News • 11/27/2023 11:29:25 AM
- Seadrill Limited – Results of the 2023 Annual General Meeting of Shareholders • Business Wire • 11/17/2023 05:10:00 PM
- Seadrill Announces Third Quarter 2023 Earnings Release and Conference Call • Business Wire • 10/24/2023 06:12:00 PM
- Seadrill Announces Approval of Restated Management Incentive Plan and New Incentive Awards • Business Wire • 09/27/2023 03:19:00 PM
- Seadrill Announces Update to 2023 Annual General Meeting of Shareholders • Business Wire • 09/21/2023 09:15:00 PM
- Seadrill Limited Initiates Previously Announced Share Repurchase Program • PR Newswire (US) • 09/12/2023 07:11:00 AM
- Seadrill Limited Initiates Previously Announced Share Repurchase Program • PR Newswire (US) • 09/12/2023 07:05:00 AM
- Seadrill Limited Initiates Previously Announced Share Repurchase Program • Business Wire • 09/12/2023 06:09:00 AM
- Seadrill 2023 Annual General Meeting of Shareholders • PR Newswire (US) • 08/25/2023 10:19:00 AM
- Seadrill 2023 Annual General Meeting of Shareholders • PR Newswire (US) • 08/25/2023 10:17:00 AM
- Seadrill Announces Second Quarter 2023 Results and $250 Million Share Repurchase Authorization • PR Newswire (US) • 08/15/2023 06:29:00 AM
- Seadrill Announces Second Quarter 2023 Results and $250 Million Share Repurchase Authorization • PR Newswire (US) • 08/15/2023 06:20:00 AM
- Seadrill Limited (SDRL) Announces Closing of $500 Million Senior Secured Second Lien Notes and Concurrent Availability of New Revolving Credit Facility • PR Newswire (US) • 07/27/2023 01:44:00 PM
- Seadrill Limited (SDRL) Announces Closing of $500 Million Senior Secured Second Lien Notes and Concurrent Availability of New Revolving Credit Facility • PR Newswire (US) • 07/27/2023 01:43:00 PM
- Seadrill Limited (SDRL) Announces Pricing of Additional $75 Million 144A / Reg S Offering of 8.375% Senior Secured Second Lien Notes Due 2030 • PR Newswire (US) • 07/25/2023 05:27:00 PM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions • AVAI • Apr 23, 2024 8:00 AM
BestGrowthStocks.com Issues Comprehensive Analysis of Triller Merger with AGBA Group Holding Limited • AGBA • Apr 22, 2024 1:00 PM
Cannabix Technologies to Present Marijuana Breathalyzer Technology at International Association for Chemical Testing (IACT) Conference in California • BLO • Apr 22, 2024 8:49 AM