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Dato/tid 13.09.2017 00:39
Utsteder Seadrill Limited
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Tittel SDRL - Seadrill Announces Comprehensive Restructuring Plan to Be Implemented with Prearranged Chapter 11 Cases
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Hamilton,  Bermuda,  September  12, 2017 - Seadrill  Limited  ("Seadrill" or the
"Company")  has entered into a restructuring agreement with more than 97 percent
of  its secured bank lenders, approximately  40 percent of its bondholders and a
consortium of investors led by its largest shareholder, Hemen Holding Ltd.

The agreement delivers $1.06 billion of new capital comprised of $860 million of
secured  notes and $200 million of  equity.  The Company's secured lending banks
have  agreed to defer maturities of all secured credit facilities, totaling $5.7
billion,  by approximately five years with  no amortization payments until 2020
and  significant  covenant  relief.   Additionally, assuming unsecured creditors
support  the  plan,  the  Company's  $2.3  billion  of unsecured bonds and other
unsecured   claims  will  be  converted  into  approximately  15% of  the  post-
restructured  equity with participation rights in both the new secured notes and
equity,  and holders of  Seadrill common stock  will receive approximately 2% of
the   post-restructured  equity.   The  agreed  plan  comprehensively  addresses
Seadrill's  liabilities,  including  funded  debt  and  other  obligations.  For
additional  information please refer  to the Company's  Form 6K filed along with
this announcement.

The  agreed restructuring plan was developed over the course of more than a year
of  detailed discussions, and the plan will ensure that Seadrill can continue to
operate  its  large,  modern  fleet  of  drilling  units.   By extending and re-
profiling  the secured bank debt, reducing leverage and delivering a significant
amount  of  new  capital,  this  agreement  provides  Seadrill  with a five-year
runway.   Post-restructuring, Seadrill will have a strong cash position and good
liquidity to take advantage when the market recovers.

To  implement the restructuring agreement,  Seadrill has today filed prearranged
chapter  11 cases in  the Southern  District of  Texas together  with the agreed
restructuring  plan.  As part of the  chapter 11 cases, the Company filed "first
day"  motions that, when granted, will  enable day-to-day operations to continue
as  usual.  Specifically, the  Company requested authority  to pay its key trade
creditors  and  employee  wages  and  benefits  without change or interruption.
Additionally,  the Company expects it will pay all suppliers and vendors in full
under normal terms for goods and services provided during the chapter 11 cases.
At  the point  of filing,  Seadrill has  over $1  billion in  cash and  does not
require    debtor-in-possession    financing.    The   restructuring   agreement
contemplates  a balance sheet  restructuring that is  not intended to affect the
Company's operations.

As  part of the restructuring process, Seadrill has successfully ring-fenced its
non-consolidated affiliates from the Company's restructuring, including Seadrill
Partners  LLC, SeaMex Ltd.,  Archer Limited and  their respective subsidiaries.
These  non-consolidated affiliates did not file  chapter 11 cases, and we expect
their business operations to continue uninterrupted.

Commenting today, Anton Dibowitz, CEO and President of Seadrill Management Ltd.,
said:

"The restructuring agreement we signed today is a comprehensive plan that raises
over  $1  billion  of  new  capital,  is  underpinned by Hemen Holding Ltd., our
largest   shareholder,   and  is  overwhelmingly  supported  by  our  banks  and
approximately  40 percent  of  our  bondholders.   This  is  a  testament to our
position  in the  sector, having  a large,  modern fleet, a top-quality customer
base  and a proven operating track record.  With our improved capital structure,
we will be in a strong position to capitalise when the market recovers.

The  continued focus and dedication of all our employees throughout this process
has  been exceptional.  It  is due to  our people's commitment  to deliver safe,
efficient  operations day in,  day out that  we have succeeded  in reaching this
restructuring agreement."

The  Company has engaged Kirkland & Ellis  LLP as legal counsel, Houlihan Lokey,
Inc.  as  financial  advisor,  and  Alvarez  & Marsal as restructuring advisor.
Slaughter  and May  has been  engaged as  corporate counsel,  and Morgan Stanley
served  as  co-financial  advisor  during  the  negotiation of the restructuring
agreement.   Advokatfirmaet  Thommessen  AS  is  serving  as Norwegian counsel.
Conyers Dill & Pearman is serving as Bermuda counsel.

Court filings and other information related to the restructuring proceedings are
available  at a website administered by the Company's claims agent, Prime Clerk,
at https://cases.primeclerk.com/seadrill or  via  the  information  call  center
at 844-858-8891 (US toll free) or the following international numbers:

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

Copies of the documents governing the restructuring agreement are contained in a
Report  of  Foreign  Issuer  on  Form  6-K  to  be filed with the Securities and
Exchange  Commission on September 13, 2017. The Company has  also posted FAQs on
its website at www.seadrill.com/restructuring.

This press release is not intended to be, and should not in any way be construed
as,  a solicitation  of votes  of bondholders  or other  investors regarding the
chapter 11 plan.

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.



 
    

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