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2018-04-20 08:45:00

SEADRILL'S BANKRUPTCY OFF

SEADRILL'S BANKRUPTCY OFF

REUTERS - Offshore oil driller Seadrill (SDRL.OL) plans to emerge from Chapter 11 bankruptcy in late June or early July to catch the rising wave of rig market activity, its chief executive told said on Wednesday.

The company won U.S. court approval on Tuesday for its multi-billion dollar debt restructuring plan after reaching a deal with more than 40 banks, unsecured creditors and shipyards.

"The confirmation is the most significant milestone in the process, and now we need to implement the plan over 60 to 90 days. Obviously, we would like to do it as fast as possible," CEO Anton Dibowitz told Reuters.

Seadrill plans to expand relations with Schlumberger (SLB.N), the world's largest oil services firm, and other suppliers to the global oil and gas industry, although the company had no immediate consolidation plans, he added.

Seadrill is already cooperating with Schlumberger in India to offer integrated drilling services.

"Equally, we are in discussions with all major oil service companies, and if there are opportunities that makes sense for both of us, we will certainly entertain that," Dibowitz said.

Seadrill was forced to seek bankruptcy court protection from creditors after a sharp drop in oil prices in 2014 cut oil firms' appetite for exploration, pushing rates for rigs down and leaving many idle.

Oil companies have since returned to the market, hiring rigs to explore for offshore oil and gas deposits after crude prices have traded above $60 a barrel since November. Brent LCOc1 was trading at $72 at 1303 GMT.

Out of 51 rig marketed by Seadrill, which include rigs owned by its non-consolidated entities, such as Seadrill Partners (SDLP.N), 31 rigs are currently employed.

Seadrill said the approved plan, which extends maturities of $5.7 billion in bank debts, converts $2.3 billion of unsecured bonds to equity and injects $1 billion in new debt and equity, would enable the company to take advantage of a market recovery.

"We are fully confident that it (the drilling market) would recover within the next five years, and now we have a runway that we needed in order to see that," Dibowitz said.

Norwegian-born billionaire John Fredriksen will retain control of Seadrill with a stake of just under 30 percent in the restructured company, up from 24 percent previously.

Fredriksen, whose business empire includes the largest salmon farmer Marine Harvest (MHG.OL) and oil tanker firm Frontline (FRO.OL), is committed to remaining a long-term stakeholder, Dibowitz said.

He added that Fredriksen "was absolutely integral to striking the deal with the banks, and I expect that he will continue to be the anchor shareholder going forward."

Dibowitz, Seadrill's CEO since July 2017, said he expected to remain at the helm of the company after its restructuring.

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Earlier:

 SEADRILL'S BANKRUPTCY
2017, September, 15, 08:45:00

SEADRILL'S BANKRUPTCY

Seadrill, one of the world’s largest offshore drilling companies, filed for bankruptcy after it secured agreement from nearly all of its banks to support a plan to inject $1bn in new capital and all but wipe out existing shareholders.

 SEADRILL RESTRUCTURING
2017, April, 5, 18:30:00

SEADRILL RESTRUCTURING

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.

 SEADRILL NET INCOME $127 MLN
2017, February, 28, 18:40:00

SEADRILL NET INCOME $127 MLN

Highlights • Revenue of $667 million • Operating income of $118 million • EBITDA of $354 million • 99% economic utilization • Reported net income of $127 million and diluted net income per share of $0.26 • Underlying net income, excluding non-recurring items and non-cash mark to market movements on derivatives, was $111 million and earnings per share was $0.24 • Cash and cash equivalents of $1.4 billion • Seadrill Limited order backlog of approximately $2.5 billion

 SEADRILL RESTRUCTURING UPDATE
2017, January, 31, 18:30:00

SEADRILL RESTRUCTURING UPDATE

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.

 SEADRILL NET LOSS $656 MLN
2016, November, 22, 18:35:00

SEADRILL NET LOSS $656 MLN

Highlights: - Revenue of $743 million - Operating income of $247 million - EBITDA of $441 million - 95% economic utilization - Reported Net Loss of $656 million and diluted loss per share of $1.29, reflecting an $882 million non-cash impairment to investments primarily relating to Seadrill Partners. - Underlying Net Income , excluding non-recurring items and non-cash mark to market movements on derivatives,was $135 million and earnings per share was $0.28. - Cash and cash equivalents of $1.3 billion - Seadrill Limited orderbacklog of approximately $3.0 billion

 SEADRILL NET INCOME $334 MLN
2016, August, 25, 18:30:00

SEADRILL NET INCOME $334 MLN

Commenting today, Per Wullf, CEO and President of Seadrill Management Ltd., said: "During Q2 2016 we have improved on the record uptime we achieved in Q1, reaching 98% economic utilization, whilst continuing to see our costs reduce quarter over quarter. There continues to be a significant supply overhang and the market conditions remain challenging, however, there is some volume returning to the spot market, although primarily for short term work. Our priorities for the remainder of the year continue to be delivering safe and efficient operations for our customers whilst concluding on our financing plans."

 SEADRILL NET INCOME DOWN 80%
2016, May, 26, 20:20:00

SEADRILL NET INCOME DOWN 80%

"During the first quarter we achieved record operational uptime and we continue to see the benefits of our cost reduction program coming through. Our key priorities for the year are cost reduction, managing newbuild deferments and concluding our financing plans, while ensuring that we continue to maintain safe and efficient operations. I am pleased to say we have made good progress in all three areas during the first quarter."

 

 

 

 

Tags: SEADRILL, BANKRUPTCY, SCHLUMBERGER

Chronicle:

SEADRILL'S BANKRUPTCY OFF
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

SEADRILL'S BANKRUPTCY OFF
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

SEADRILL'S BANKRUPTCY OFF
2018, August, 17, 11:20:00

GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

SEADRILL'S BANKRUPTCY OFF
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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