SEADRILL - Seadrill Limited ("Seadrill or the Company") announces today that it has reached agreement with its banking group to extend a series of key dates as part of the Company's ongoing restructuring efforts. The Company has reached an agreement to extend the milestone to implement a restructuring plan from 30 April to 31 July 2017 and also to extend the related covenant amendments and waivers expiring on 30 June 2017 to 30 September 2017. Finally, the Company has also received lender consent to extend the maturity dates of the following three facilities:
- The US$450 million credit facility maturing on 30 April 2017 will be extended until 15 August 2017
- The US$400 million credit facility maturing on 31 May 2017 will be extended until 31 August 2017
- The US$2.0 billion NADL credit facility maturing on 30 June 2017 will be extended until 14 September 2017
These extensions provide additional time for the Company to further advance the ongoing negotiations with its banks, potential new money investors, and the advisers to the ad hoc committee of bondholders regarding the terms of a comprehensive restructuring plan, which may include the infusion of new capital. While no definitive terms have been reached, based on stakeholder and new money investor feedback, as well as the Company's existing leverage, we currently believe that a comprehensive restructuring plan will require a substantial impairment or conversion of our bonds, as well as impairment, losses or substantial dilution for other stakeholders. As a result, the Company currently expects that shareholders are likely to receive minimal recovery for their existing shares.
We expect the implementation of a comprehensive restructuring plan will likely involve schemes of arrangement or chapter 11 proceedings, and we are preparing accordingly. The Company's business operations remain unaffected by these restructuring efforts and the Company will continue to meet its ongoing customer and business counterparty obligations.
|March, 23, 08:40:00|
|March, 23, 08:35:00|
|March, 23, 08:30:00|
|March, 23, 08:25:00|
|March, 23, 08:20:00|
|March, 23, 08:15:00|
WNN - Asia needs nuclear energy to meet its economic, energy and environmental goals, but such plans are still in the development phase in the South East region of the continent, Agneta Rising, director general of World Nuclear Association, said.
NPD - Preliminary production figures for February 2018 show an average daily production of 1 944 000 barrels of oil, NGL and condensate, which is a decrease of 83 000 barrels per day compared to January.
AOG - China National Petroleum Corporation (CNPC), the world’s third largest oil company, has been awarded stakes in two of Abu Dhabi’s offshore concession areas following the signing of agreements with Abu Dhabi National Oil Company (ADNOC).
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.69 a barrel at 0744 GMT, up 15 cents, or 0.2 percent, from their previous close. Brent crude futures LCOc1 were at $67.56 per barrel, up 14 cents, or 0.2 percent.