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Seadrill Ltd (SDRL.N)

SDRL.N on New York Stock Exchange

0.27USD
15 Dec 2017
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Latest Key Developments (Source: Significant Developments)

Seadrill cuts 2017-2022 income, earnings projections
9:43am EST 

Dec 16 (Reuters) - Seadrill Ltd ::‍HAS PREPARED AN UPDATED BUSINESS PLAN​.‍FILED A REVISED DISCLOSURE STATEMENT WITH COURT OVERSEEING ITS CHAPTER 11 CASES IN SOUTHERN DISTRICT OF TEXAS. REVISED DISCLOSURE STATEMENT INCLUDES VALUATION AND LIQUIDATION ANALYSES​.OVER THE PERIOD 2017-2022 SEE REVENUES LOWER BY $1,407 MILLION, EBITDA LOWER BY $499 MILLION AND CASH FLOW (UFCF) LOWER BY $604 MILLION COMPARED TO THE PRESENTATION PUBLISHED ON 12 SEPT.THE UPDATED BUSINESS PLAN DOES NOT DRAW ON EITHER IHCO CASH OR ON THE $500 MILLION AMORTISATION CONVERSION ELECTION.WHILE DAYRATES AND UTILISATION ARE GENERALLY LOWER THAN THE CLEANSING PRESENTATION THROUGHOUT THE PROJECTION PERIOD, THE FORECAST ANTICIPATES A RETURN TO A NORMALISED MARKET BY 2021.ALTHOUGH THERE IS A $603 MILLION REDUCTION IN UFCF OVER THE FORECAST PERIOD, RIGCO DOES NOT NEED TO RECEIVE CASH FROM IHCO OR EXERCISE THE AMORTISATION CONVERSION ELECTION.  Full Article

Seadrill receives court approval of "first day" motions
Wednesday, 13 Sep 2017 07:31pm EDT 

Sept 14 (Reuters) - Seadrill Ltd - :Seadrill receives court approval of "first day" motions.Expects its operations to continue uninterrupted throughout the reorganization process.Says approved motions give company authority to, continue to pay employee wages and benefits without interruption.Approved motions gives authority to continue to utilize cash management system; continue to pay suppliers,vendors in full under normal terms.  Full Article

Nyse to suspend trading immediately in common stock of North Atlantic Drilling, commence delisting proceedings
Wednesday, 13 Sep 2017 09:00am EDT 

Sept 13 (Reuters) - NYSE::NYSE to suspend trading immediately in the common stock of North Atlantic Drilling Ltd. (NADL) and commence delisting proceedings.  Full Article

Ship Finance announces signing of restructuring agreement with Seadrill Ltd
Wednesday, 13 Sep 2017 01:04am EDT 

Sept 13 (Reuters) - Ship Finance International Ltd :SFL - signing of restructuring agreement with Seadrill Limited.Ship Finance and units agreed to reduce contractual charter hire by approximately 30% for 5-year period starting in 2018.Co and some units entered restructuring agreement in connection with restructuring of Seadrill Ltd and some units.  Full Article

Seadrill files for chapter 11 bankruptcy
Tuesday, 12 Sep 2017 08:46pm EDT 

Sept 12 (Reuters) - Seadrill Ltd -:Seadrill announces comprehensive restructuring plan to be implemented with prearranged chapter 11 cases.Agreement delivers $1.06 billion of new capital comprised of $860 million of secured notes and $200 million of equity.As part of chapter 11 cases, company filed "first day" motions that, when granted, will enable day-to-day operations to continue as usual.Ring-fenced non-consolidated affiliates from co's restructuring, including seadrill partners, Seamex Ltd, Archer Limited,their respective subsidiaries.Non-Consolidated affiliates did not file chapter 11 cases, and we expect their business operations to continue uninterrupted.  Full Article

Seadrill files for chapter 11 bankruptcy in Texas - Court Filing
Tuesday, 12 Sep 2017 07:41pm EDT 

Sept 12 (Reuters) - Seadrill Ltd :Seadrill files for chapter 11 bankruptcy in texas - Court Filing.Seadrill Ltd lists assets in the range of $10 billion to $50 billion, liabilities in the range of $10 billion to $50 billion - Court Filing.  Full Article

Seadrill CEO sees more consolidation in offshore drilling market
Thursday, 24 Aug 2017 12:27pm EDT 

Aug 24 (Reuters) - Seadrill Ltd :Seadrill CEO Anton Dibowitz: "There will be more consolidation (in the offshore drilling market) as we go forward, and it's good for the market and the industry".Offshore driller Seadrill said on Thursday it aimed to launch a long-awaited Chapter 11 debt restructuring by Sept. 12 nL8N1LA1R2.  Full Article

Seadrill says restructuring "likely" to be done via Chapter 11 bankruptcy on or before Sept 12
Thursday, 24 Aug 2017 02:20am EDT 

Aug 24 (Reuters) - SEADRILL LTD ::SEADRILL Q2 REVENUES $577 MILLION (REUTERS POLL $535 MILLION).SEADRILL Q2 EBITDA $264 MILLION VERSUS GUIDANCE OF AROUND $240 MILLION GUIDANCE IN MAY.SEADRILL Q2 OPERATING RESULT $-100 MILLION.SEADRILL Q2 NET RESULT $-158 MILLION (REUTERS POLL RESULT $-159 MILLION).SEADRILL Q2 UNDERLYING NET RESULT $-15 MILLION.SEADRILL LIMITED ORDER BACKLOG $3.1 BILLION AT END-Q2 VERSUS $3.4 BILLION AT END-Q1.SEADRILL NET INTEREST BEARING DEBT $7.98 AT END-Q2 VERSUS $8.2 BILLION AT END-Q1.SEADRILL CEO SAYS SEADRILL'S PRIMARY OBJECTIVE AT THE MOMENT IS CONCLUDING FINAL NEGOTIATIONS ON OUR COMPREHENSIVE RESTRUCTURING PLAN, WHICH IS AT AN ADVANCED STAGE AND LIKELY TO BE IMPLEMENTED VIA CHAPTER 11 PROCEEDINGS ON OR BEFORE 12TH SEPTEMBER 2017.IT IS LIKELY THAT THE COMPREHENSIVE RESTRUCTURING PLAN WILL INVOLVE THE RAISING OF APPROXIMATELY $1 BILLION OF NEW CAPITAL.IT IS LIKELY THAT THE COMPREHENSIVE RESTRUCTURING PLAN WILL INVOLVE AN APPROXIMATELY FIVE YEAR EXTENSION BANK FACILITIES AND A DEFERRAL OF AMORTIZATIONS AND WILL REQUIRE A SUBSTANTIAL IMPAIRMENT OR CONVERSION OF OUR BONDS, AS WELL AS IMPAIRMENT AND LOSSES FOR OTHER STAKEHOLDERS, INCLUDING SHIPYARDS.THE COMPANY'S BUSINESS OPERATIONS REMAIN UNAFFECTED BY THESE RESTRUCTURING EFFORTS AND THE COMPANY EXPECTS TO CONTINUE TO MEET ITS ONGOING CUSTOMER AND BUSINESS COUNTERPARTY OBLIGATIONS.  Full Article

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 confirms receiving rival bids for its debt restructuring

OSLO, Dec 13 Drilling rig firm Seadrill confirmed on Wednesday it had received two rival bids for its debt restructuring from unsecured bondholders.