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Seadrill Ltd (SDRL.N)

SDRL.N on New York Stock Exchange

0.70USD
25 Apr 2017
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Latest Key Developments (Source: Significant Developments)

Seadrill: North Atlantic drilling wins ConocoPhillips contract
Tuesday, 11 Apr 2017 01:45am EDT 

Seadrill Ltd : north atlantic drilling announces contract awards for the West Wlara and the West Linus . Total additional backlog for new contract awards is estimated at $1.4 billion excluding performance bonuses. . As part of agreement, company has agreed to a dayrate adjustment on existing west linus contract effective from april 2017, resulting in a $58 million reduction in current backlog. . New west elara contract which is expected to commence in october 2017 includes a period of fixed dayrates until march 2020 and contributes approximately $160 million of contract backlog. A . Contract on west linus has been extended from may 2019 until end of 2028 at a market indexed dayrate, which company believes will contribute an estimated $706 million of contract backlog. .Work is for ConocoPhillips at the Ekofisk field off Norway..  Full Article

Seadrill CEO says top owner Fredriksen still involved in restructuring
Tuesday, 4 Apr 2017 01:30am EDT 

Seadrill CEO Per Wullf told Reuters : Top shareholder John Fredriksen still involved in the company's debt restructuring talks . Wullf declines to comment on whether Fredriksen could be expected to inject new cash as part of a restructuring of Seadrill's $14 billion debt and liabilities . Seadrill on Tuesday said current shareholders should expect to lose almost all value of their stock as the company prepares for potential bankruptcy proceedings. [nL5N1HC0K6] Further company coverage: [SDRL.OL] (Reporting by Ole Petter Skonnord, editing by Terje Solsvik) ((terje.solsvik@thomsonreuters.com;)).  Full Article

North Atlantic Drilling says Seadrill reached agreement to extend milestone to implement restructuring plan from 30 April to 31 July 2017
Tuesday, 4 Apr 2017 01:16am EDT 

North Atlantic Drilling Ltd : Amendments to secured credit facilities . North Atlantic Drilling - majority owned unit of Seadrill Ltd and its banking group to extend series of key dates as part of Seadrill's restructuring efforts . North Atlantic Drilling Ltd - co received lender consent to extend $2.0 billion NADL credit facility maturing on 30 June 2017 until 14 September 2017 . North Atlantic Drilling - Seadrill Limited has reached an agreement to extend milestone to implement a restructuring plan from 30 April to 31 July 2017 .North Atlantic Drilling - expects implementation of restructuring plan will likely involve schemes of arrangement or Chapter 11 proceedings.  Full Article

Seadrill plans Chapter 11, current shareholders to see "minimal recovery"
Tuesday, 4 Apr 2017 01:10am EDT 

Seadrill Ltd : Announces today that it has reached agreement with its banking group to extend a series of key dates as part of company's ongoing restructuring efforts. . Company has reached an agreement to extend milestone to implement a restructuring plan from 30 april to 31 july 2017 and also to extend related covenant amendments and waivers expiring on 30 june 2017 to 30 september 2017 . Has also received lender consent to extend maturity dates of three facilities . We expect implementation of a comprehensive restructuring plan will likely involve schemes of arrangement or chapter 11 proceedings, and we are preparing accordingly . Company's business operations remain unaffected by these restructuring efforts . Will continue to meet its ongoing customer and business counterparty obligations . As a result, company currently expects that shareholders are likely to receive minimal recovery for their existing shares .We currently believe that a comprehensive restructuring plan will require a substantial impairment or conversion of our bonds, as well as impairment, losses or substantial dilution for other stakeholders.  Full Article

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

More From Around the Web

BRIEF-Seadrill: North Atlantic drilling wins ConocoPhillips contract

* north atlantic drilling announces contract awards for the West Wlara and the West Linus