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Seadrill Ltd (SDRL.OL)

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Latest Key Developments (Source: Significant Developments)

Seadrill agrees to sell three jack-up rigs for $225 mln
Monday, 1 May 2017 08:28am EDT 

May 1 (Reuters) - Seadrill Ltd :Says agrees to sell three jack-up rigs to Shelf Drilling for a total for $225 million.Says the West Triton and West Resolute rigs are scheduled to be delivered to Shelf Drilling by the end of May 2017.Says the West Mischief rig will be delivered during 3Q 2017 after completion of its current drilling contract with NDC in Abu Dhabi.Says the total debt outstanding on these three units is $102 million providing excess sale proceeds of $123 million.Says the carrying value of the three units totals $415 million .Says a loss on disposal of $190 million is expected to be realized for the first quarter of 2017.  Full Article

Seadrill Partners defers Q1 dividend decision
Friday, 28 Apr 2017 09:37am EDT 

OSLO, April 28 (Reuters) - Seadrill Partners LLC : :* Says it would defer its first quarter dividend 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.* Says discussions with its lending banks are well advanced and we expect to reach an agreement by the end of May, prior to the implementation of the broader Seadrill Limited restructuring.* Says assuming it reaches an agreement with the banks, a determination will be made regarding the distribution.* Says based on its current cash position and free cash flow, it aims to maintain its current distribution level once an agreement is reached.  Full Article

Seadrill in deal to end most financial guarantees to Archer
Wednesday, 26 Apr 2017 02:33am EDT 

April 26 (Reuters) - Seadrill Ltd :Has signed and closed an agreement with Archer and its lenders to extinguish approximately $253 million in financial guarantees provided by seadrill in exchange for a cash payment of approximately $25 million.Remains in constructive discussions with Archer and its lenders to extinguish remaining $25 million of financial guarantees in exchange for a cash payment representing 10% of their face value.As part of archer's restructuring plans company has also agreed to convert $146 million in subordinated loans provided to archer into a $45 million subordinated convertible loan.The subordinated convertible loan will bear interest of 5.5%, matures in December 2021 and have a conversion right into equity of Archer Limited in 2021 based on a strike price of US$2.083 per share, which is approximately 75% above the subscription price in Archer's private placement on February 28, 2017.  Full Article

Seadrill extends North Atlantic Drilling interim funding
Wednesday, 26 Apr 2017 01:50am EDT 

April 26 (Reuters) - North Atlantic Drilling Ltd :North Atlantic Drilling announces today that it has amended revolving credit facility provided by Seadrill Limited, its majority shareholder, to mature on June 30, 2017 and increased it to $50 million.Interim funding arrangement has been put in place while broader restructuring negotiations continue at both companies.  Full Article

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

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