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On February 23, 2022, Seadrill Limited announced a corporate action regarding the right to shares in its new parent company following its emergence from Chapter 11 bankruptcy. The company will officially change its name to Seadrill Limited around the same date. This move is part of the restructuring process aimed at stabilizing the company's financial position.
Shareholders are advised to refer to the stock exchange announcements made on February 21 and 22, 2022, for further details.
Seadrill Limited announced the U.S. Bankruptcy Court's approval for the chapter 11 restructuring of Seadrill New Finance Limited. This plan aims to enhance financial stability by amending secured notes and transferring majority ownership to secured noteholders. Almost unanimous stakeholder support highlights confidence in the new structure, which includes full payment for trade and customer claims. The restructuring, confirmed in October 2021, is expected to conclude soon, with Seadrill continuing to offer management services to its subsidiaries.
Seadrill Limited has released a Fleet status report for the Seabras Sapura joint venture. The company is advancing its restructuring efforts concerning its 12.0% senior secured notes due 2025, with 81% of noteholders supporting a pre-packaged Chapter 11 process. Importantly, the restructuring is separate from Seadrill's own reorganization plan, which received court approval on October 26, 2021, and is expected not to affect recoveries for existing shareholders. Seadrill operates a fleet of 38 rigs worldwide, focusing on advanced offshore drilling technology.
Seadrill Limited (SDRLF) reported a robust third quarter of 2021, securing contracts worth $145 million and achieving a total backlog of $2.1 billion. Key contracts include a West Gemini contract in Angola and work with Petrobras in Brazil, valued at $549 million. The company's reorganization plan, approved by a US Bankruptcy Court, reduces liabilities from $4.9 billion to $0.7 billion and raises $350 million in new financing. The new board of directors will oversee the company's emergence from Chapter 11, expected in early 2022.
On Nov. 26, 2021, Seadrill Limited announced securing two contracts with Petrobras for the West Carina and West Tellus rigs, valued at approximately $549 million. These contracts are for a fixed term of three years, expected to begin in September 2022, and will operate in the Búzios field offshore Brazil. Seadrill's CEO, Stuart Jackson, expressed confidence in continuing the company's partnership with Petrobras and highlighted Brazil's importance in the offshore sector.
Seadrill Limited (OTCPK: SDRLF) announced the formation of a new independent seven-member Board of Directors as it prepares to emerge from Chapter 11 bankruptcy, confirmed on October 26, 2021. The new board, featuring industry veterans like Julie Johnson Robertson and Mark McCollum, aims to drive growth and execute strategic priorities starting early 2022. Seadrill operates 38 advanced offshore drilling rigs and is focused on leveraging its technology to unlock oil and gas resources globally.
Seadrill Limited has completed the sale of substantially all assets of SeaMex Ltd. to a new subsidiary, significantly reducing SeaMex's intercompany debt by approximately $300 million. This sale supports SeaMex's restructuring efforts, backed by over 81% of secured creditors. After a recent refinancing, SeaMex subsidiaries are expected to have better liquidity. Importantly, the sale will not affect operational activities, employees, or supplier relations. The Issuer is also progressing with its restructuring plan, expected to proceed through a pre-packaged Chapter 11 process.
Seadrill Limited has received confirmation from the U.S. Bankruptcy Court for the Southern District of Texas for its Plan of Reorganization, significantly supported by stakeholders. The Plan will enable Seadrill to exit Chapter 11 in approximately 60 days, contingent on customary approvals. It aims to raise $350 million in new financing while cutting liabilities by $4.9 billion, with existing shareholders’ stakes diminishing to 0.25%. CEO Stuart Jackson emphasized this milestone as pivotal for the company's future in offshore drilling.
Seadrill Limited announced on October 11, 2021, that its joint venture, SeaMex Ltd., received approximately US$31.4 million from Pemex for historic unpaid invoices. This payment pertains to subsidiaries in provisional liquidation and does not affect shareholders' recoveries under Seadrill's ongoing reorganization plan, which remains subject to court approval. The release includes forward-looking statements regarding corporate strategies and conditions that may impact future results, but these are uncertain and may differ from actual outcomes.
