Hamilton, Bermuda, November 30, 2021 - Seadrill Limited ("Seadrill" or "the
Company") (OSE:SDRL, OTCPK:SDRLF) and the Issuer announce the publication of a
Fleet status report for the Seabras Sapura JV.
The Issuer continues to take steps to give effect to the restructuring of the
Issuer and its 12.0% senior secured notes due 2025 (the "Notes") as contemplated
by the Restructuring Support Agreement entered into between the Issuer and
certain of its subsidiaries and approximately 81% of holders of the Notes, dated
July 2, 2021. The restructuring of the Issuer is expected to be implemented
through a pre-packaged Chapter 11 process. For further details, please refer to
the Previous Announcements.
This announcement relates to the Seabras Sapura JV, a 50:50 JV of the Issuer,
and has no relation to Seadrill Limited's plan of reorganisation (the "Plan")
and therefore is not expected to impact the recoveries existing shareholders of
Seadrill Limited will receive under the Plan. Consummation of the Plan is
subject to a number of customary terms and conditions, including court approval,
which was obtained on October 26, 2021.
About Seadrill
Seadrill is a leading offshore drilling contractor utilizing advanced technology
to unlock oil and gas resources for clients across harsh and benign locations
across the globe. Seadrill's high quality, technologically advanced fleet spans
all asset classes allowing its experienced crews to conduct its operations from
shallow to ultra-deep-water environments. The Company operates 38 rigs, which
includes drillships, jack-ups and semi-submersibles.
Seadrill is listed on the Oslo Børs and OTC Pink markets. For more information,
visit https://www.seadrill.com/.
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are
generally not historical in nature, and specifically include statements about
the Company's plans, strategies, business prospects, changes and trends in its
business, the markets in which it operates and its restructuring efforts. These
statements are made based upon management's current plans, expectations,
assumptions and beliefs concerning future events impacting the Company and
therefore involve a number of risks, uncertainties and assumptions that could
cause actual results to differ materially from those expressed or implied in the
forward-looking statements, which speak only as of the date of this news
release. Consequently, no forward-looking statement can be guaranteed. When
considering these forward-looking statements, you should keep in mind the risks
described from time to time in the Company's regulatory filings and periodical
reporting. The Company undertakes no obligation to update any forward looking
statements to reflect events or circumstances after the date on which such
statement is made or to reflect the occurrence of unanticipated events. New
factors emerge from time to time, and it is not possible for the Company to
predict all of these factors. Further, the Company cannot assess the impact of
each such factor on its business or the extent to which any factor, or
combination of factors, may cause actual results to be materially different from
those contained in any forward looking statement.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
For further information, please contact:
Media questions should be directed to:
Sara Dunne
Director of Communications
communications@seadrill.com
+ 1 281 630 7064
Analyst questions should be directed to:
Hawthorn Advisors
seadrill@hawthornadvisors.com
+44 (0) 203 7454960