Key Developments: Seadrill Ltd (SDRL.N)

SDRL.N on New York Stock Exchange

23 Jul 2014
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$0.05 (+0.13%)
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Latest Key Developments (Source: Significant Developments)

SeaDrill Ltd cancels contemplated convertible bond issuance and voluntary incentive payment offer
Tuesday, 8 Jul 2014 06:31pm EDT 

SeaDrill Ltd:Decides to cancel the contemplated $1 bln 2019 maturity convertible bond issuance due to share price development on day of issuance.Although order book was covered, adverse price movement led to an unattractive conversion price for issue.Consequently, Seadrill will refuse to accept any Acceptance Forms delivered in connection with voluntary incentive payment offer to convert the existing 3.375 pct. $650 mln Seadrill convertible bonds due in 2017.Following numerous successful transactions Seadrill Group will have cash balance of about $1.5 bln by end of July.In light of this strong liquidity position the company did not view this transaction as a requirement, but rather as an opportunity.  Full Article

SeaDrill Ltd launches $1 bln 2019 convertible bond concurrently with voluntary incentive payment offer to convert the existing $650 mln 3.375 pct 2017 convertible bond
Tuesday, 8 Jul 2014 02:16am EDT 

SeaDrill Ltd:Intends to issue $1 bln in principal amount of convertible bonds with five-year tenor (2019 Bonds).Senior, unsecured bonds will be convertible into common shares of the Company.Bonds are expected to have an annual coupon in the range of 2.00 pct - 2.50 pct.Payable semi-annually in arrear and have conversion premium of 30 pct - 35 pct over reference share price that will be based on volume weighted average price of Company's shares on Oslo Stock Exchange and on New York Stock Exchange between opening and closing of the market on July 8.Convertible bonds will be issued and redeemed at 100 pct of their principal amount and will, unless previously redeemed, converted or purchased and cancelled, mature on July. 16, 2019.Seadrill will have right to call bonds after three years plus 21 days if value of Seadrill shares underlying one bond, for specified period of time, exceeds 130 pct of the principal amount of bond.Bonds are expected to be issued on or around July 16 Seadrill may decide to list bonds on an exchange at later stage.Proceeds from issuance will be used to fund newbuild program and for general corporate purposes.ABG Sundal Collier, BNP Paribas and Deutsche Bank are acting as joint bookrunners.  Full Article

SeaDrill secures commitment for newbuild ultra-deepwater unit West Jupiter
Monday, 2 Jun 2014 02:34am EDT 

SeaDrill Ltd:Says has secured a contract with Total Upstream Nigeria Ltd for employment of West Jupiter, in support of the EGINA ultra-deep offshore project in Nigeria.Contract duration five years.Total revenue potential $1.1 billion inclusive of mobilization.West Jupiter is the company's newbuild ultra-deepwater drillship to be delivered from the Samsung Heavy Industries shipyard in Geoje, South Korea in August.  Full Article

SeaDrill Ltd increases quarterly cash dividend to $1.00 per share
Wednesday, 28 May 2014 03:16am EDT 

SeaDrill Ltd:Says it increases the ordinary quarterly cash dividend by $0.02 to $1.00 per share.  Full Article

NK Rosneft' OAO, North Atlantic Drilling Ltd and SeaDrill Ltd sign investment and cooperation agreement
Friday, 23 May 2014 08:00pm EDT 

NK Rosneft' OAO:Signs an investment and cooperation agreement with North Atlantic Drilling Ltd and SeaDrill Ltd at the 18th St. Petersburg International Economic Forum to form a long-term partnership with a view to capture the opportunities in developing Rosneft’s offshore and onshore projects until at least 2022.The agreement contemplates Rosneft acquiring a significant stake in North Atlantic Drilling Ltd with the latter entering Russia’s onshore drilling market, and signing of long-term contracts for onshore and offshore drilling.The parties also signed a letter of award for 6 harsh environment offshore drilling rigs.Overall, the use of up to 9 offshore drilling rigs is contemplated.  Full Article

SeaDrill Ltd reduces stake in SapuraKencana Petroleum Bhd
Wednesday, 9 Apr 2014 09:59am EDT 

SeaDrill Ltd:Sold 230 mln shares of SapuraKencana raising about $300 mln in proceeds.Total economic gain realized from this sale is about $165 mln.Following completion of this transaction Seadrill will continue to own about 490 mln shares, representing about 8 pct ownership stake in SapuraKencana.  Full Article

SeaDrill Ltd secures contracts for multiple jack-up units
Wednesday, 2 Apr 2014 06:33am EDT 

SeaDrill Ltd:Secures new contracts for the jack-up units West Tucana, West Telesto, West Ariel, and West Prospero.Additionally, the contract for the West Mischief has been extended by four months.Total revenue potential for the four new contracts and one extension is about $319 mln.  Full Article

SeaDrill Ltd to sell the ultra-deepwater drillship, the West Auriga to Seadrill Partners LLC
Tuesday, 11 Mar 2014 04:38pm EDT 

SeaDrill Ltd:Entered into agreement with Seadrill Partners.The company will sell to Seadrill Capricorn Holdings LLC, Seadrill Partners' 51pct owned subsidiary all of the ownership interests in the entities that own and operate the drillship, the West Auriga.  Full Article

SeaDrill Ltd announces issue of senior unsecured bonds
Thursday, 6 Mar 2014 07:02am EST 

SeaDrill Ltd:Issues new senior unsecured bonds denominated in Swedish kronor in the Norwegian bond market with maturity in March 2019.Net proceeds from the Bond Issue will be used for general corporate purposes.Danske Bank Markets, Nordea Markets and Swedbank Norway are acting as Joint Lead Managers for the issuance.  Full Article

SeaDrill Ltd increases quarterly cash dividend to $0.98 per share
Tuesday, 25 Feb 2014 03:00am EST 

SeaDrill Ltd:Says its board has in connection with the disclosure of fourth quarter results evaluated the current dividend level and prospects and has resolved to increase the regular quarterly dividend by $0.03 to $0.98 per share.  Full Article

UPDATE 2-Seadrill cancels $1 bln debt issue after fall in share price

* Shares rebound 5.3 pct after cancellation of convertible bond issue

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