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Seadrill Ltd (SDRL.N)

SDRL.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

John Fredriksen's Seatankers buys West Mira rig from Hyundai yard
Monday, 13 Mar 2017 02:41am EDT 

Seadrill Ltd : Announces settlement of West Mira arbitration . Has reached a settlement agreement with Hyundai samho heavy industries co ltd. ("hshi") in relation to west mira arbitration. Seadrill will receive a cash payment of $170 million in march 2017 as full settlement of dispute . Company will take a non-cash impairment of approximately $44 million to reflect difference between carrying value of west mira receivable and cash payment to be received . As part of this settlement, John Fredriksen's firm Seatankers, a related party, has purchased west mira from hshi . Seatankers is an asset holding company and is not expected to engage in offshore drilling activities in competition with seadrill . Company expects to execute an agreement with seatankers for commercial and technical management of west mira as well as a right of first refusal for purchase of unit .This settlement agreement brings an early conclusion to arbitration process.  Full Article

Seadrill: Hemen Holding extends TRS agreements relating to 3.9 mln shares
Tuesday, 7 Mar 2017 02:32am EST 

Seadrill Ltd : Hemen holding ltd, which is indirectly controlled by trusts established by John Fredriksen for benefit of his immediate family, has extended trs agreements relating to 3.9 million shares in Seadrill Limited. . New expiration of trs agreements is June 7th, 2017. Exercise price on agreements is nok 10.8759 per share. . Hemen holding ltd's affiliated ownership in Seadrill is following this transaction unchanged 119,097,583 shares, constituting 23,41 percent of issued share capital .In addition, Hemen Holding hold TRS agreements with exposure to 3,900,000 shares in Seadrill Limited.  Full Article

Seadrill to hold 16 pct stake in Archer following share issue
Wednesday, 1 Mar 2017 04:59am EST 

Seadrill Ltd : Upon completion of private placement in Archer, Seadrill will own 23,105,324 shares, representing approximately 16 pct of issued shares and voting rights .In addition, Seadrill will be given the right to subscribe for new shares in a subsequent offering, with the number of such rights to be confirmed, as further described in a stock exchange notice from Archer today.  Full Article

BRIEF-Oil service firm Archer to issue new shares, restructure debt
Tuesday, 28 Feb 2017 11:10am EST 

Archer Ltd : Oslo-listed oil service firm says q4 revenues $221.4 million (Reuters poll $215 million) . Says its q4 underlying EBITDA $18.8 million (Reuters poll EBITDA $16 million) . Says underlying EBITDA excludes restructuring costs of $4.8 million . Says its net interest-bearing debt $795.9 million at end q4 versus $814.9 million at end q3 . Says expects first quarter 2017 to be somewhat lower than fourth quarter 2016, but expect that full 2017 to be largely in line with 2016 before restructuring . Says expects total spending for 2017 to be approximately 2-3 pct of revenue . Says announces a comprehensive refinancing, including an equity issue . Says says plans to rise usd 60-120 in a private placement of new shares for existing shareholders and potential new Norwegian and international investors . Says has received significant indications of interest from investors, including from Hemen Holding Ltd., to subscribe in private placement for an amount well exceeding minimum required transaction size of usd 60 million . Says has retained ABG Sundal Collier ASA, Arctic Securities AS, DNB Markets, Nordea Markets, and Skandinaviska Enskilda Banken AB (publ.) as Joint Bookrunners . Says company has secured agreement with lenders for a restructuring of usd 625 million revolving credit facility (RCF).  Full Article

Oil service firm Archer to issue new shares, restructure debt
Tuesday, 28 Feb 2017 11:07am EST 

Archer Ltd : Oslo-listed oil service firm says q4 revenues $221.4 million (Reuters poll $215 million) . Says its q4 underlying EBITDA $18.8 million (Reuters poll EBITDA $16 million) . Says underlying EBITDA excludes restructuring costs of $4.8 million . Says its net interest-bearing debt $795.9 million at end q4 versus $814.9 million at end q3 . Says expects first quarter 2017 to be somewhat lower than fourth quarter 2016, but expect that full 2017 to be largely in line with 2016 before restructuring . Says expects total spending for 2017 to be approximately 2-3 pct of revenue . Says announces a comprehensive refinancing, including an equity issue . Says says plans to rise usd 60-120 in a private placement of new shares for existing shareholders and potential new Norwegian and international investors . Says has received significant indications of interest from investors, including from Hemen Holding Ltd., to subscribe in private placement for an amount well exceeding minimum required transaction size of usd 60 million . Says has retained ABG Sundal Collier ASA, Arctic Securities AS, DNB Markets, Nordea Markets, and Skandinaviska Enskilda Banken AB (publ.) as Joint Bookrunners . Says company has secured agreement with lenders for a restructuring of usd 625 million revolving credit facility (RCF).  Full Article

Seadrill may enter chapter 11 if voluntary restructuring fails
Tuesday, 28 Feb 2017 01:50am EST 

Seadrill Ltd : q4 revenues $667 million (Reuters poll $655 million) . q4 ebitda $354 million (Reuters poll $345 million) . says we continue to see an improvement in level of bidding activity following increase and stabilization of oil prices. . says improving dayrates will not be a feature of 2017, however, based on expected level of scrapping and cold stacking activity we believe there is room for some optimism. . q4 net result $127 million (Reuters poll profit $115 million) . Seadrill limited's order backlog $2.5 billion at end-q4 versus $3 billion at end-q3 . says the short to medium term outlook for chartering market continues to be extremely challenging. . says while tendering activity has continued at increased levels over the past few months, especially in the north sea, near term drilling programs continue to be largely based on opportunistic spot market activity and a number of oil companies continue to have excess rig capacity on contract. . says number of oil companies continue to have excess rig capacity on contract. . says available work is fiercely competitive with drilling contractors bidding below cash breakeven in some instances in order to keep rigs active. . says on positive side on the positive side while the level of exploration and production capital expenditures are expected to be down again in 2017, more recent surveys of oil companies are reflecting less reduction than was previously anticipated.  Full Article

Seadrill says to restate 2015 earnings, postpones Q4 report
Wednesday, 22 Feb 2017 01:38am EST 

Seadrill Ltd : Says reschedules fourth quarter 2016 earnings release and conference call to provide additional time for the company to complete its review of the accounting for the company's interest rate and cross currency hedges . Rescheduled its q4 and preliminary 2016 results and conference call to tuesday, february 28, 2017 . Has determined that a restatement of its 2015 financial statements is required to correctly reflect us gaap fair value accounting principles applied to company's interest rate and cross currency swap portfolio . Net impact of these non-cash adjustments to company's 2015 financial statements is expected to increase shareholders equity in range of $100 to 150 million . Net impact of these non-cash adjustments to company's 2016 financial statements up to and including q3 is expected to be an increase to shareholders equity in range of $20 to 60 million . Changes are not expected to have an impact on compliance with company's financial covenants for prior or current periods . Company has determined that there was a material weakness in company's internal controls over financial reporting relating to its accounting for these interest rate and cross currency hedges.  Full Article

North Atlantic Drilling receives interim funding from Seadrill
Tuesday, 31 Jan 2017 08:18am EST 

North Atlantic Drilling Ltd : Announces today that it has entered into a $25 million revolving credit facility provided by Seadrill , its majority shareholder, and maturing March 31, 2017 . This interim funding arrangement has been put in place while broader restructuring negotiations continue at both companies .A more comprehensive package of measures is targeted to be agreed by April 30, 2017.  Full Article

Seadrill shares rise after contract extension with Saudi Aramco
Thursday, 29 Dec 2016 03:12am EST 

Rig firm Seadrill Ltd : Seadrill shares up 3.6 percent after 3 years rig extension contract with Saudi Aramco [nL5N1EO0OO] Further company coverage: [SDRL.OL] (Reporting By Ole Petter Skonnord) ((olepetter.skonnord@thomsonreuters.com;)).  Full Article

Oil service firm Seadrill eyes revival of rig market by 2018/2019
Tuesday, 22 Nov 2016 12:00pm EST 

Seadrill's CEO, Per Wullf, made following comments during an investor call after the firm's third-quarter earnings: "2017 is expected to remain challenging, but we do expect the market to start showing sign of life in '18 and '19," Wullf said . "Short-term contract are near break-even levels and we're seeing an improvement in the level of bidding activity. However, we still continue to see a number of contract cancellations... as customers remain focused on preserving cash" Further company coverage: [SDRL.OL] (Reporting By Stine Jacobsen) ((stine.jacobsen@thomsonreuters.com;)).  Full Article

More From Around the Web

RPT-BRIEF-North Atlantic Drilling extends revolving credit from Seadrill

* Says it has extended $25 million revolving credit facility provided by Seadrill Limited, its majority shareholder, to April 31, 2017