Key Developments: Seadrill Ltd (SDRL.N)

SDRL.N on New York Stock Exchange

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22 May 2015
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Latest Key Developments (Source: Significant Developments)

SeaDrill Ltd announces administration changes
Thursday, 26 Feb 2015 02:45am EST 

SeaDrill Ltd:Says Rune Magnus Lundetræ will step down as Chief Financial Officer of Seadrill Management Ltd, effective June 30, 2015.  Full Article

SeaDrill Ltd will provide a guarantee for North Atlantic Drilling's 1.5 billion crowns bond
Thursday, 22 Jan 2015 02:55am EST 

SeaDrill Ltd:Will provide a guarantee for subsidiary North Atlantic Drilling's 1.5 billion Norwegian crowns bond maturing in 2018.The guarantee replaces North Atlantic's current covenants with Seadrill's financial covenants from Seadrill's denominated bonds.  Full Article

TheGrantLawFirm files class action against Seadrill Ltd
Wednesday, 21 Jan 2015 02:47pm EST 

TheGrantLawFirm PLLC:Files a class action suit in the United States District Court for the Southern District of New York on behalf of purchasers of Seadrill Ltd American Depository Receipts during the period of May 28, 2014 to Nov. 25, 2014.Complaint alleges that Seadrill and certain of its senior executives violated federal securities laws by making false and misleading statements about the strength of the company's business prospects, repeatedly misleading investors regarding the sustainability of the company's dividend.As a result of defendants' Class Period statements, Seadrill ADRs traded at artificially inflated prices, reaching a high of over $38 per ADR by July 2014.Says on Nov. 26, 2014 Seadrill disclosed that it was indefinitely suspending its dividend, causing the price of its stock to plummet.  Full Article

SeaDrill exercises option to buy West Polaris Drillship
Tuesday, 30 Dec 2014 02:51am EST 

SeaDrill Ltd:Seadrill Limited has exercised a purchase option for the West Polaris, a 6th generation Ultra-Deepwater drillship, from Ship Finance International Limited.The West Polaris was acquired by Ship Finance in 2008 and subsequently bareboat chartered to Seadrill with purchase options commencing in 2012.The purchase option price is US$456 million and total consideration payable to Ship Finance is US$108 million.The transaction will be executed as a purchase of shares in Ship Finance's asset owning subsidiary SFL West Polaris Limited, which is currently a consolidated entity in Seadrill.Seadrill does not expect any immediate material impact to its financial statements as a result of this transaction.  Full Article

SeaDrill Ltd suspends dividend distributions and gives Q4 EBITDA guidance
Wednesday, 26 Nov 2014 03:01am EST 

SeaDrill Ltd:Says is suspending dividend distributions and focusing on debt reduction and value creating opportunities due to significant deterioration in the broader markets.By pausing the dividend, Seadrill's capital position will improve by about $2 billion per year.To provide alternatives for deploying this capital the Board has authorized a share buyback program of up to 10 pct of the outstanding shares over the course of next 12 months.Q4 EBITDA is expected to be higher than Q3 results for the Seadrill Group on a consolidated basis and the Group is on track to earn about $10 million in EBITDA per day by the end of the year.Q4 EBITDA $679.59 million - Thomson Reuters I/B/E/S.  Full Article

SeaDrill agrees to sell West Vela to Seadrill Partners-Reuters
Tuesday, 4 Nov 2014 09:31am EST 

SeaDrill Ltd:Seadrill Partners LLC entered into an agreement with Seadrill Limited on the sale of West Vela-Reuters.Under terms of deal Seadrill Partners' Seadrill Capricorn Holdings LLC will acquire all of the ownership interests in the entities that own and operate the drillship West Vela.The Vela Acquisition, which is expected to close within three days, will be accomplished through a series of purchases, contributions and assumption of debt.The implied purchase price of the Vela Acquisition is $900 million, less $433 million of debt outstanding under the existing facility financing the West Vela.Based on the Seadrill Partners' 51 pct ownership of Capricorn Holdings, its portion of the net purchase price after debt will be $238 million.Under terms of West Vela contract BP is paying a daily rate of $565,000 plus about $44,000 per day as a mobilization fee paid over the term of the contract.Under terms of the acquisition agreement Capricorn Holdings will pay Seadrill $40,000 per day of day rate revenue actually received as well as the $44,000 per day mobilization fee.These payments to Seadrill will cease at the end of the current contract.  Full Article

SeaDrill maintains quarterly dividend at $1 per share
Wednesday, 27 Aug 2014 03:10am EDT 

SeaDrill Ltd:Says maintains quarterly dividend at $1 per share.Says Q3 2014 EBITDA to be roughly in line with Q2 2014.Q2 2014 EBITDA $641.00 million, Q3 2014 EBITDA $683.20 million - Thomson Reuters I/B/E/S.  Full Article

NK Rosneft' OAO, Seadrill Ltd and North Atlantic Drilling Ltd sign exchange of assets agreement
Thursday, 21 Aug 2014 08:00pm EDT 

NK Rosneft' OAO:Says that Rosneft, Seadrill Ltd and North Atlantic Drilling Ltd (NADL) signed a framework agreement that envisages long-term cooperation in the sphere of oilfield development projects.The document foresees the acquisition by Rosneft of NADL shares through an exchange of assets and investments in NADL charter capital.Moreover agreement’s options contemplate a possibility for Rosneft to increase its stake in NADL according to the development of the cooperation.The final parameters of the deal, including the amount of Rosneft’s cash contribution in NADL’s charter capital, will be defined upon receiving corporate and accountant’s approvals which is expected till the end of the 2014.Seadrill Ltd currently owns about 70.4 percent of NADL shares.  Full Article

SeaDrill secures commitment for newbuild ultra-deepwater unit West Saturn
Friday, 8 Aug 2014 10:31am EDT 

SeaDrill Ltd:Says has secured a contract with Esso Exploration and Production Nigeria Limited for employment of the newbuild ultra-deepwater drillship West Saturn.Says West Saturn will support the ERHA North Phase 2 project in Nigeria.Says the contract was secured in cooperation with partner Field Offshore Design Engineering Nigeria Limited.Contract duration - two years firm plus one year option.Contract value for the primary contract term - about $497 million, inclusive of mobilization.  Full Article

SeaDrill Ltd announces result of voluntary incentive offer to convert the $650 million 3.375 pct 2017 convertible bond
Monday, 28 Jul 2014 02:33am EDT 

SeaDrill Ltd:Says holders of $648.6 million of principal amount of Seadrill's convertible bonds due 2017 have accepted the voluntary incentive offer.Says intends to exercise the "90 pct clean-up call" call provision on the remaining $1.4 million outstanding.Says number of common shares outstanding in Seadrill has increased by 23.8 million shares.  Full Article

Seadrill unit's deal with Russia's Rosneft postponed again

OSLO - North Atlantic Drilling , a subsidiary of offshore rig company Seadrill , has delayed closing a cooperation deal with Russia's Rosneft by two years and agreed to renegotiate the terms of the agreement, it said on Friday.

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