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Seadrill Limited is making progress in restructuring discussions with holders of its 12.0% senior secured notes due 2025 related to its joint venture, SeaMex Ltd. The proposed restructuring aims to significantly reduce SeaMex's subordinated debt, totaling around $454 million, by equitizing a large portion. Additionally, short-term liquidity will be injected to aid refinancing efforts. The need for restructuring arises from unpaid receivables from Pemex. The restructuring will not impact operations, employees, customers, or suppliers.
Seadrill Limited has announced an extension of its forbearance agreement related to its 12.0% senior secured notes due 2025. This agreement, initially disclosed on April 19, 2021, allows the Note Holders to refrain from enforcing rights due to defaults, including a missed cash interest payment on January 15, 2021. The forbearance aims to provide Seadrill New Finance Limited and its stakeholders additional time to negotiate a comprehensive restructuring of its balance sheet, possibly through a court-supervised process, until June 18, 2021.
Seadrill Limited (OTCPK: SDRLF) has announced the immediate resignation of Glen Ole Rødland from the Board, where he served as Chairman since November 2019. The company expressed gratitude for Rødland's leadership during its restructuring process. CEO Stuart Jackson emphasized ongoing productive discussions with lenders aimed at significant balance sheet deleveraging to enhance operational efficiency. Seadrill operates a diverse fleet of 43 rigs globally, focusing on advanced technology for oil and gas extraction.
Seadrill Limited has announced a further extension of its forbearance agreement concerning its 12.0% senior secured notes due 2025. This extension, which follows previous announcements on April 19 and May 17, 2021, allows certain Note Holders to refrain from exercising enforcement rights related to events of default, including missed interest payments and ongoing Chapter 11 proceedings. The purpose is to provide time for the Issuer and stakeholders to negotiate a comprehensive balance sheet restructuring, potentially through a court-supervised process.
Seadrill Limited (OTCQX: SDRLF) announced the extension of a forbearance agreement with holders of its 12.0% senior secured notes due 2025. This agreement, initially declared on April 19, 2021, allows for continued negotiation regarding a comprehensive restructuring of the company's balance sheet. It temporarily protects the Issuer from any enforcement actions related to defaults, including a missed 4% cash interest payment due on January 15, 2021. The arrangement aims to facilitate discussions on a possible court-supervised restructuring process.
Seadrill has secured a four-year firm contract with Equinor Brasil for the West Saturn drillship, with a total expected value of $380 million. The contract includes four optional one-year extensions, contingent on the final investment decision for the Bacalhau field in Brazil, anticipated to commence in Q1 2022. The West Saturn drillship will undergo upgrades to enhance safety, efficiency, and reduce emissions by 10-15% for CO2 and 30-80% for NOx. This contract reinforces Seadrill's commitment to technological advancement and environmental responsibility.
Seadrill Limited, a leader in the offshore drilling sector, announced a new forbearance agreement on April 19, 2021, replacing an earlier agreement from February. The new arrangement pertains to the 12.0% senior secured notes due in 2025, allowing stakeholders more time to negotiate a comprehensive balance sheet restructuring. Notably, this follows the non-payment of a semi-annual interest due on January 15, 2021, amid ongoing Chapter 11 proceedings in Texas. The forbearance will remain effective until May 17, 2021, unless terminated earlier.
Seadrill Limited announced an extension of a forbearance agreement regarding its 12.0% senior secured notes due 2025. This extension, agreed to with certain note holders, prevents them from exercising enforcement rights until March 24, 2021, or until the agreement is terminated. The forbearance aims to provide time for the Issuer and its stakeholders to negotiate a comprehensive restructuring of the balance sheet, potentially involving a court-supervised process. This follows Seadrill's Chapter 11 filings in Texas and a missed interest payment due on January 15, 2021.
On February 23, 2021, Seadrill Limited announced an extension of a forbearance agreement concerning its 12.0% senior secured notes due 2025. The agreement, initially revealed on February 11, allows certain noteholders to refrain from exercising enforcement rights regarding events of default, particularly following the company's filing for Chapter 11 bankruptcy in Texas. This extension is in place until March 10, 2021, and aims to provide time for a potential restructuring of the company's balance sheet.
HAMILTON, Bermuda, Feb. 11, 2021 /PRNewswire/ -- Seadrill Limited (OTCQX: SDRLF) announced a forbearance agreement for its 12.0% senior secured notes due 2025, allowing time for restructuring efforts amid Chapter 11 filing. The agreement protects the Issuer and its subsidiaries from enforcement actions by creditors until February 24, 2021. This move is aimed at negotiating terms for future restructuring while managing recent defaults, including a missed 4% cash interest payment due January 15, 2021.
