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Seadrill Ltd (SDRL.N)

SDRL.N on New York Stock Exchange

0.28USD
18 Aug 2017
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Latest Key Developments (Source: Significant Developments)

Seadrill moves to insulate Seadrill Partners in restructuring
Thursday, 17 Aug 2017 01:30am EDT 

Aug 17 (Reuters) - Seadrill Ltd :Amendments to certain credit facilities to insulate seadrill partners from seadrill limited's restructuring.has completed amendments to three secured credit facilities that relate to rigs purchased by Seadrill Partners from the Company that will insulate Seadrill Partners from events of default related to the Company's likely use of chapter 11 proceedings to implement its restructuring plan.The amendments to the three facilities remove Seadrill Partners and its consolidated entities as a borrower or guarantor and separate the facilities such that each resulting Seadrill Limited facility is secured only by Seadrill Limited's assets without recourse to Seadrill Partners or its assets.Transaction is part of company's comprehensive restructuring plan that is intended to preserve value of its equity stakes in seadrill partners and its consolidated entities.Discussions continue with certain third party and related party investors and its secured lenders on terms of a comprehensive recapitalization.As previously disclosed, we continue to believe that implementation of a comprehensive restructuring plan will likely involve chapter 11 proceedings, and we are preparing accordingly.Business operations remain unaffected by these restructuring efforts and company expects to continue to meet its ongoing customer and business counterparty obligations.  Full Article

North Atlantic Drilling says amended revolving credit facility provided by Seadrill Limited
Monday, 31 Jul 2017 12:23am EDT 

July 31 (Reuters) - North Atlantic Drilling Ltd - :North Atlantic Drilling - amended revolving credit facility provided by Seadrill Limited, its majority shareholder, to mature on September 12, 2017.North Atlantic Drilling Ltd - interim funding arrangement has been put in place while broader restructuring negotiations continue at both companies.  Full Article

Seadrill extends restructuring plan to Sept 12, repeats minimal recovery to current shareholders
Wednesday, 26 Jul 2017 01:16am EDT 

July 26 (Reuters) - Seadrill Ltd :Reg-Sdrl - amendments to secured credit facilities.It has reached an agreement with its bank group to extend comprehensive restructuring plan negotiating period until 12 September 2017 vs earlier until July 31 2017.Company has also received lender consent to extend maturity date under us$400 million credit facility from 31 august 2017 until 14 September 2017.Extension will become effective upon satisfaction or waiver of customary conditions precedent.In relation to west eminence facility, company has received support of lenders representing 84% of exposure under us$450 million credit facility maturing on 15 august 2017 ( "us$450m facility") to extend maturity date under us$450m facility to 14 September 2017.Is in advanced discussions with certain third party and related party investors and its secured lenders on terms of a comprehensive recapitalization, which remain subject to further negotiation, final due diligence, documentation and requisite approvals.As previously disclosed, we continue to believe that implementation of a comprehensive restructuring plan will likely involve chapter 11 proceedings.It is likely that comprehensive restructuring plan will require a substantial impairment or conversion of our bonds, as well as impairment and losses for other stakeholders, including shipyards.As a result, company currently expects that shareholders are likely to receive minimal recovery for their existing shares.  Full Article

Statoil awards Seadrill rig contracts for exploration drilling in Santos basin
Thursday, 13 Jul 2017 02:00am EDT 

July 13 (Reuters) - Statoil Asa :statoil: statoil secures drillship for exploration drilling in brazil - statoil.com.Statoil brasil oleo e gas ltda has awarded seadrill rig contracts for exploration drilling in bm-s-8 license in santos basin.Agreement includes two contracts: seadrill offshore as will provide drillship west saturn and seadrill serviços de petroleo limitada will provide services on board.Fixed contract scope includes one exploration well and one drill stem test.  Full Article

Rig firm Seadrill wins $26 mln contract for West Saturn
Thursday, 13 Jul 2017 01:45am EDT 

July 13 (Reuters) - Rig firm Seadrill Ltd :Seadrill announces contract award for the west saturn.Seadrill has secured a firm contract for one well and one drill stem test with Statoil Brasil Óleo e Gas for the West Saturn in Brazil.The contract also includes a number of option wells to be drilled in blocks where Statoil has license and operatorship.West Saturn is expected to commence operations between December 2017 and January 2018. .Backlog for firm portion of contract, is expected to be approximately $26 million.  Full Article

Seadrill extends interim funding for North Atlantic Drilling
Wednesday, 28 Jun 2017 06:47am EDT 

June 28 (Reuters) - Seadrill Ltd :Has amended revolving credit facility provided to North Atlantic Drilling ltd., a majority owned subsidiary, to mature on july 31, 2017 and increased it to $150 million.This interim funding arrangement has been put in place while broader restructuring negotiations continue at both companies.The facility was originally entered into on January 31, 2017 for $25 million maturing on March 31, 2017. On April 25, 2017 the facility was amended to mature on June 30, 2017 and increased to $50 million.  Full Article

North Atlantic Drilling in 1-well contract for Seadrill rig
Monday, 19 Jun 2017 07:19am EDT 

June 19 (Reuters) - North Atlantic Drilling Ltd :Announces contract award for west hercules with siccar point energy e&p limited ("spe").One well contract with spe for seadrill limited's semi-submersible west hercules for work in united kingdom, west of shetland.Contract will commence on 1st april 2018 when spe will drill and test an appraisal well on cambo discovery with data being used to refine development project requirements. Minimum backlog for contract is estimated at us$ 7 million.  Full Article

Hemen Holding extends TRS agreements in Seadrill
Wednesday, 7 Jun 2017 11:21am EDT 

June 7 (Reuters) - Seadrill Ltd :Says Hemen Holding ltd, which is indirectly controlled by trusts established by John Fredriksen for the benefit of his immediate family has extended TRS agreements relating to 3.9 million shares in Seadrill limited until Sept 6, 2017.Says the exercise price on the agreements is NOK 3.888 per share. .Says Hemen Holding Ltd's affiliated ownership in Seadrill is following this transaction unchanged at 119.1 million shares, constituting 23.41 percent of the issued share capital.  Full Article

Seadrill Partners eyes agreement with banks during June
Wednesday, 24 May 2017 08:39am EDT 

May 24 (Reuters) - Seadrill Partners LLC :Says discussions with its lending banks are well advanced and they are targeting execution of an agreement during June 2017, prior to implementation of broader Seadrill Limited restructuring.Says plans to make a decision regarding the distribution to its members when the agreement is reached.Says plans to maintain its current distribution level once an agreement is reached with its lending banks.Seadrill Partners has deferred its first quarter 2017 distribution decision until an agreement is reached with its lending banks to insulate itself from potential events of default by Seadrill Limited should Seadrill Limited require the use of in court processes, such as schemes of arrangement or chapter 11 proceedings, to implement its restructuring.  Full Article

Seadrill q1 EBITDA above forecast, keeps restructuring talks
Wednesday, 24 May 2017 02:24am EDT 

May 24 (Reuters) - Rig firm Seadrill Ltd ::Seadrill q1 ebitda $291 million (Reuters poll $271 million).Seadrill q1 revenues $569 million (Reuters poll $551 million).Seadrill limited's order backlog $3.4 billion at end-q1 versus $2.5 billion at end-q4.Seadrill ltd: our priority continues to be to implement our restructuring plan with right structure and terms for our stakeholders.Seadrill ltd: ebitda will be lower for the second quarter, at around $240 million.Seadrill ltd: the company is now in advanced discussions with certain third party and related party investors and its secured lenders on the terms of a comprehensive recapitalization.While discussions with secured lenders and certain investors have advanced significantly, a number of important terms continue to be negotiated and no assurance can be given that an agreement will be reached.As previously disclosed, we continue to believe that implementation of a comprehensive restructuring plan will likely involve schemes of arrangement or chapter 11 proceedings, and we are preparing accordingly.Seadrill ltd repeats currently expects that shareholders are likely to receive minimal recovery for their existing shares.In April, the Company reached an agreement with its bank group to extend the comprehensive restructuring plan negotiating period until 31 July 2017.Net interest bearing debt $8.2 bln at end Q1 vs $8.5 bln at end q4 2016.  Full Article

BRIEF-Seadrill moves to insulate Seadrill Partners in restructuring

* Amendments to certain credit facilities to insulate seadrill partners from seadrill limited's restructuring