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.
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.
