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2017-01-31 18:30:00

SEADRILL RESTRUCTURING UPDATE

SEADRILL RESTRUCTURING UPDATE

SEADRILL - Seadrill Limited ("SDRL" or "the Company") has filed a 6K today detailing the status of negotiations with its secured lending banks, unsecured bondholders, and potential new money investors. Over the past year we have had substantial dialogue with our secured lenders to amend and extend c.USD8 billion in first lien secured debt. During the second half of last year, we began to engage with potential new money investors, including Hemen Holdings Ltd. In December 2016, we formally engaged with an ad hoc committee of bondholders, and agreed that by January 31 2017 we would release through a 6k filing agreed material non-public information disclosed to the ad hoc committee of bondholders, including the Company's latest restructuring proposal and the last proposal that the Company has received from the ad hoc committee. Those materials are attached as exhibits to this release. Members of the bondholder ad hoc committee have indicated they will consider re-restricting at a future point to again try to work towards an agreement.

The key goals of the Company's restructuring continue to be building a bridge to a recovery and achieving a sustainable capital structure. Based on these considerations, the Company proposed that this be achieved by:

1. Extending bank maturities to mature in the period from 2021 to 2023, reducing fixed amortization and amending financial covenants;

2. Extending the maturity of unsecured claims to mature in the period from 2025 to 2028; and

3. Raising at least $1.0 billion in new capital.

Discussions with the banks, potential new money investors, the ad hoc committee of bondholders, and Hemen Holdings Ltd are continuing. The Company is targeting reaching an agreement on a consensual, comprehensive restructuring prior to the maturity of the West Eminence facility on April 30, 2017. Assuming we achieve this target, we expect the implementation of an agreement to occur during the second quarter of 2017. We are also actively preparing various contingency plans in the event we do not reach a consensual agreement. While discussions with the banks, potential new money investors, the advisors to the ad hoc committee of bondholders and Hemen Holdings Ltd are continuing, the Company has not yet reached an agreement amongst all counterparties. We expect that any comprehensive agreement that would be based on raising significant new capital is likely to result in significant dilution to current shareholders and potential losses for other financial stakeholders.

Per Wullf, CEO and President of Seadrill Management Ltd. comments: "These negotiations have proved to be more complex than we had originally anticipated. Nevertheless, key stakeholders have demonstrated a clear desire to be part of a solution and with the right structure and terms we believe there is significant capital available to us. Seadrill is a great company with excellent people, assets and customers and we look forward to concluding a transaction that ensures Seadrill continues to be well positioned for the eventual recovery in the industry."

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Earlier: 

SEADRILL NET LOSS $656 MLN 

SEADRILL NET INCOME $334 MLN 

SEADRILL NET INCOME DOWN 80% 

SEADRILL NET LOSS $750 MLN 

SEADRILL ACHIEVED 95%

 

 

Tags: SEADRILL, NORWAY

Chronicle:

SEADRILL RESTRUCTURING UPDATE
2018, November, 19, 11:20:00

U.S. SECURITIES OUTFLOW $29.1 BLN

U.S. DT - The sum total in September of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC outflow of $29.1 billion. Of this, net foreign private inflows were $23.5 billion, and net foreign official outflows were $52.7 billion.

SEADRILL RESTRUCTURING UPDATE
2018, November, 19, 11:15:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in October, as a gain for manufacturing outweighed decreases elsewhere. As a result of upward revisions primarily in mining, the overall index is now reported to have advanced at an annual rate of 4.7 percent in the third quarter, appreciably above the gain of 3.3 percent reported initially.

SEADRILL RESTRUCTURING UPDATE
2018, November, 19, 11:10:00

GREEN NUCLEAR ENERGY

WNN - "nuclear energy is a "mature, low greenhouse gas emission source of baseload generation that could make an increasing contribution to global development based on low-carbon energy supply".

SEADRILL RESTRUCTURING UPDATE
2018, November, 19, 11:05:00

SAUDIS, PAKISTAN INVESTMENT: $6 BLN

ARAB NEWS - Saudi Arabia has shown investment interest in Pakistan’s largest coastal refinery, a multibillion-dollar project being set up at Khalifa Point, near Hub, Balochistan, officials have confirmed.

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