Seadrill New Finance Limited (the “Issuer”)

HAMILTON, Bermuda, June 11, 2021 / PRNewswire / – Seadrill Limited (“Seadrill” or the “Company”) (OSE: SDRL, OTCPK: SDRLF) and the Issuer announce that restructuring discussions have continued with certain holders ( the “”) of the Issuer’s 12.0% senior covered bonds due 2025 (the “Bonds”) and good progress continues to be made.

Restructuring talks include SeaMex Ltd (“SeaMex”), a 50/50 joint venture that Seadrill established with an investment fund controlled by Fintech Holdings Limited (“Fintech”) in 2014.

The Issuer has accepted in principle the key terms of a restructuring proposal relating to SeaMex with a majority of the Holders and which provides for refinancing of the guaranteed bank debt of SeaMex. The key terms of this proposal are:

  • significantly deleverage SeaMex’s balance sheet by balancing all or a significant portion of the approximately $ 454 million of subordinated debt controlled by the issuer; and
  • inject short-term liquidity into SeaMex in order to bridge the gap to a refinancing of the senior bank debt of SeaMex as part of a global restructuring of SeaMex’s balance sheet.

Seamexholding International, Inc. (a wholly owned subsidiary of Fintech) has served a motion to place SeaMex in interim liquidation in Bermuda. In the absence of a consensual agreement with Fintech on the restructuring conditions, the Issuer and a significant majority of SeaMex’s financial creditors appoint their own provisional liquidators in order to be able to implement a restructuring supported by SeaMex’s creditors in order to maximize value for creditors and other stakeholders. The need for provisional liquidation and restructuring arose from the failure of Petróleos Mexicanos (“Pemex”) to pay significant debts to SeaMex over an extended period as well as a target of deleveraging SeaMex’s balance sheet.

SeaMex’s financial creditors continue to fully support SeaMex. Such restructuring takes place only at the level of the SeaMex holding company and will not have any impact on the operational activities of the company. Likewise, there will be no impact on employees, customers or suppliers. Any use of a court-supervised process in Bermuda will be funded and result in an orderly restructuring of SeaMex’s balance sheet for the benefit of all stakeholders, including employees, customers and suppliers.

About Seadrill

Seadrill is a leading offshore drilling contractor using cutting edge technology to unlock oil and gas resources for clients in difficult and benign locations around the world. Seadrill’s high-quality, state-of-the-art fleet covers all asset classes, enabling its experienced crews to operate in shallow or ultra-deep water environments. The company operates 43 platforms, which include drill ships, jackups and semi-submersibles.

Seadrill is listed on the Oslo Børs and OTC Pink markets. For more information visit https://www.seadrill.com/.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. Such statements are generally not historical in nature and specifically include statements about plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts. These statements are made on the basis of management’s current plans, expectations, assumptions and beliefs regarding future events affecting the Company and therefore involve a number of risks, uncertainties and assumptions that could result in that actual results differ materially from those expressed or implied in forward-looking statements. statements, which speak only as of the date of this press release. Therefore, no forward-looking statement can be guaranteed. When reviewing these forward-looking statements, you should keep in mind the risks described from time to time in the regulatory documents and periodic reports of the Company. The Company assumes no obligation to update forward-looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unforeseen events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. In addition, the Company cannot assess the impact of each of these factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.

This information is subject to disclosure requirements in accordance with Section 5-12 of the Norwegian Securities Law.

CONTACT:

[email protected]

020 3745 4960

This information was brought to you by Cision http://news.cision.com

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SOURCE Seadrill Limited


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