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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)

Norwegian bank DNB sees years of oil industry restructurings
Tuesday, 30 Aug 2016 05:11am EDT 

Top Norwegian bank DNB's Executive Vice President of Large Corporates and International Harald Serck-Hanssen told Reuters: Some drilling rig and offshore service vessel (OSV) firms may need two phases of debt restructuring . Initial rig and service vessel industry restructuring phase may only see firms through to late 2018/early 2019 . May see some rig, service vessel bankruptcies in 2016; and 2017 will be another tough year . Says offshore service vessel industry will likely see more deals like the Aker-Solstad tie-up . Most oil companies have a break-even much below today’s oil price so we are not concerned about that . Oil service firms outside OSV and rig segments are in better shape than we would have expected Further company coverage: [DNB.OL] (Reporting by Stine Jacobsen in Stavanger, editing by Terje Solsvik) ((terje.solsvik@thomsonreuters.com;)).  Full Article

Seadrill Q2 ebitda above forecast, repeats refinancing by year end
Thursday, 25 Aug 2016 02:30am EDT 

: Rig firm Seadrill q2 ebitda $557 million (Reuters poll $512 million) and versus own guidance of around $510 million from q1 report . Seadrill q2 net result $276 million (Reuters poll $262 million) . Seadrill Group's order backlog $8.0 bln at end Q2 versus $9.1 billion at end-q1 . Seadrill ltd says there continues to be a significant supply overhang and market conditions remain challenging . Seadrill ltd says however, there is some volume returning to spot market, although primarily for short term work . Seadrill ltd says our priorities for remainder of year continue to be delivering safe and efficient operations for our customers whilst concluding on our financing plans . Seadrill ltd> during q2 we extended our three nearest maturing borrowing facilities and amended certain covenants across all our secured credit facilities, as the first part of a broader plan to refinance and recapitalize the business . Seadrill says discussions with yards continue to progress regarding additional deferments in newbuilding program . Seadrill says with a number of our units coming off contract and the impact of lower day rates, ebitda will be lower for q3, at around $380 million, this is based on third quarter expected Operating Income of $183 million. . Seadrill says for the full year we expect ebitda to be around $1.8 billion (Reuters poll $1.75 bln), this is based on expected operating income for the full year of $1.0 billion (Reuters poll $965 mln).  Full Article

Seadrill says to exchange some debt for shares
Thursday, 9 Jun 2016 01:28am EDT 

Seadrill Ltd : Announces today that it has entered into a privately negotiated exchange agreement with certain holders of its outstanding 5-5/8% senior notes due 2017 .has agreed to issue a total of 7,500,000 new shares of its common stock, par value $2.00 per share, in exchange for $50.0 million principal amount of the 2017 Notes.  Full Article

Seadrill: Anton Dibowitz appointed executive vice president
Thursday, 2 Jun 2016 01:30am EDT 

Seadrill Ltd : CCO Anton Dibowitz appointed executive vice president . Dibowitz will take on additional responsibility for day-to-day business administration ."This arrangement will free up more of my time to focus on strategic matters, leading Seadrill through this downturn and the ongoing refinancing process," CEO Per Wullf said in a statement.  Full Article

Offshore driller Seadrill CEO says rig rates have reached bottom
Thursday, 26 May 2016 12:00pm EDT 

Norwegian offshore driller Seadrill Ltd's chief executive, Per Wullf, told an investor call: "Although the industry remains challenging we must remember that this is a cyclical industry, however, we believe we have reached the bottom rate-wise." . Says expects market to rebalance late this year or early next year . Says is "very pleased" with progress on refinancing plan, still aims to complete broader plan before the end of this year . Seadrill posted Q1 earnings earlier on Thursday, click here to read more: [ID:nFWN18N014] Further company coverage: [SDRL.OL] (Reporting By Stine Jacobsen) ((stine.jacobsen@thomsonreuters.com;)).  Full Article

Seadrill Q1 EBITDA beats forecasts, sees fall in Q2
Thursday, 26 May 2016 02:16am EDT 

Seadrill : q1 revenues $891 million (Reuters poll $886 million) . q1 ebitda $528 million (Reuters poll $454 million) . Says ebitda is expected to be around $510 million in the second quarter . q1 net result $88 million (Reuters poll $210 million). Says underlying net income was $153 million . Order backlog $9.1 bln at end Q1 versus $10.7 billion at end-q4 . says key priorities for year are cost reduction, managing newbuild deferments and concluding our financing plans, while ensuring that we continue to maintain safe and efficient operations . For 2016, we are targeting additional total cash savings of approximately $340 million at a group level of which $305 million is sustainable cost savings and $35 million is deferred spend . says continues to make good progress on deferring newbuild deliveries . says discussions continue to progress regarding additional deferments . says short term supply disruptions have had effects on the oil price, indicating the market is closer to a supply demand balance than it has been for some time . says a more sustained period of recovery and price stability is needed before we expect to see increased demand from oil companies . says between now and 2018 there is a high likelihood that there will be overall contraction in the floater fleet due to delivery delays and scrapping activity . repeats expectations to conclude and execute our financing plans by the year end.  Full Article

SeaDrill reaches agreement with banks to extend loan maturities
Friday, 29 Apr 2016 01:55am EDT 

SeaDrill Ltd:Says has reached agreement with its banking group to extend its three nearest maturing borrowing facilities of $2.85 bln and amend certain covenants across its secured credit facilities.Says this is a first phase of a broader plan to refinance and recapitalize business.Covenant amendments extend to 30 June 2017 and includes a reset of the leverage covenant.  Full Article

SeaDrill agrees contract extension for rig with Petrobras
Wednesday, 23 Mar 2016 02:27am EDT 

SeaDrill Ltd:Has been awarded an 18-month contract extension for the drillship West Tellus by Petrobras commencing in April 2018 and securing work for the unit through the end of Oct. 2019.The total backlog for the contract extension is about $164 million.As part of the agreement to extend the West Tellus, Seadrill has agreed to a dayrate reduction on the current contract effective from Feb. 26, resulting in a $132 million reduction in backlog.Net effect of this agreement is a $32 million increase in backlog.  Full Article

SeaDrill reaches agreement with DSME shipyard to defer delivery of two ultra-deepwater drillships
Friday, 15 Jan 2016 01:51am EST 

SeaDrill Ltd:Announces agreement with DSME Shipyard.Agreement with DSME shipyard has been reached to defer the delivery of two ultra-deepwater drillships, the West Aquila and West Libra, until Q2 2018 and Q1 2019 respectively.Says ‍under terms of original construction contracts, units were to be delivered by end of Q2 of 2016 and total final yard instalment for both units of over $800 mln was due at that time.Says ‍this agreement significantly improves company's near term liquidity position by deferring these capex commitments to 2018 and 2019 with no further payments to yard until that time​.  Full Article

Husky Oil cancels $1 bln SeaDrill rig contract
Tuesday, 22 Sep 2015 12:30am EDT 

SeaDrill Ltd:Seadrill receives notice of contract cancellation for the West Mira from Husky Oil Operations.In the fourth quarter of 2012 Seadrill was awarded a 5 year contract for the West Mira with Husky for operations in Canada and Greenland.The total estimated base revenue potential was about $1 billion.As stated in the Company's second quarter earnings report, due to the late delivery of the Unit, the Company had tentatively agreed with Husky to reduce the day rate on the West Mira.The construction contract was subsequently cancelled by Seadrill due to the Shipyard's inability to deliver the Unit within the time frame required under the contract.Seadrill remains in discussions with Husky to find an alternative solution to meet its drilling requirements.  Full Article

BRIEF-Sodexo scores two key business wins in energy sector

* Has expanded two significant contracts with oil & gas clients Seadrill and Shell