Seadrill Ltd (SDRL)

[agribusiness72]

NEWS:

Hamilton, Bermuda, June 7, 2018 - Seadrill Limited ("Seadrill" or the "Company") announces today that it anticipates emerging from the chapter 11 process in the first half of July 2018.

As previously announced, on April 17, 2018, the court overseeing the Company`s chapter 11 cases entered an order confirming Seadrill`s plan of reorganization (the "Plan"). Since confirmation of the Plan, the Company has been preparing to close the Plan transactions and satisfy conditions precedent, which will occur on the "Effective Date" of the Plan anticipated to be in the first half of July 2018.

Existing Seadrill Limited will be wound up and the new Company with the reorganized capital structure will assume its name. We plan to re-list the new Company`s common stock on both the New York Stock Exchange and the Oslo Stock Exchange as before, retaining the same ticker symbols as before. Listing for both exchanges is expected to occur during July 2018, shortly after the Effective Date.

The Plan will result in the equitization of approximately $2.3 billion in unsecured bond obligations, more than $1 billion in contingent newbuild obligations, substantial unliquidated guaranty obligations, and more than $250 million in unsecured interest rate and currency swap claims, while leaving employee, customer, and ordinary trade claims largely unimpaired.

On the Effective Date, the Company will issue its equity, debt, and cash distributions per the terms of the Plan. Allocations to certain existing stakeholders and new capital providers will depend on the results of the equity and notes rights offerings.

As publicized previously, the deadline to subscribe to the equity and notes rights offerings is 5:00 p.m. New York City time on June 8, 2018. Anyone eligible to participate in the rights offerings, or to receive the cash alternative if they are non-eligible investors, must submit the relevant forms by this time or their election to participate will be waived.

Any questions regarding the distributions or rights offerings should be directed to the Company`s claims and noticing agent, Prime Clerk, at the numbers below. The Plan will enable the Company to emerge with a re-profiled capital structure and sufficient liquidity that puts the Company in a strong position to execute its business plan.