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SDRL – Seadrill Announces Confirmation of Plan of Reorganization

Seadrill Limited (“Seadrill” or the “Company”) announces that its Plan of Reorganization (the “Plan”) has been confirmed by the U.S. Bankruptcy Court for the Southern District of Texas. The Plan has near unanimous support from the Company’s stakeholders and emergence from Chapter 11 is expected within the next 60-90 days.

The Plan strengthens our capital structure with $1.08 billion of new capital, extending and re-profiling $5.7 billion of secured bank debt, and converting $2.3 billion of unsecured bonds to equity, while leaving employee, customer, and ordinary trade claims largely unaffected.

Once implemented, we will have a strong liquidity position that will enable us to take advantage of a market recovery and to deliver our business plan.

Commenting today, Anton Dibowitz, CEO and President of Seadrill Management Ltd., said:

“Confirmation of the Plan represents a major accomplishment for Seadrill and all our stakeholders. The near unanimous support for the Plan we put forward demonstrates the level of backing we have had from all stakeholders. It is also reflects the hard work we have all put in over many months to successfully recapitalize the Company.

“There is no question that Seadrill is a great company, with the best people in the industry and we will now have the platform and strengthened balance sheet to continue to develop our business and serve our customers with the high standards they have become accustomed.”
Source: Seadrill Limited

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