SDRL - Seadrill Limited Announces Settlement of West Mira Arbitration
(Thomson Reuters ONE) -
Hamilton, Bermuda, March 13, 2017 - Seadrill Limited ("Seadrill" or "the
Company") announces today that it has reached a settlement agreement with
Hyundai Samho Heavy Industries Co Ltd. ("HSHI") in relation to the West Mira
("the Unit") arbitration. Seadrill will receive a cash payment of $170 million
in March 2017 as full settlement of the dispute.
Arbitration proceedings began in October 2015 following the cancellation of the
construction contract for the West Mira and were expected to conclude during the
first half of 2018. This settlement agreement brings an early conclusion to the
arbitration process.
The Company will take a non-cash impairment of approximately $44 million to
reflect the difference between the carrying value of the West Mira receivable
and the cash payment to be received.
As part of this settlement, Seatankers, a related party, has purchased the West
Mira from HSHI.
Seatankers is an asset holding company and is not expected to engage in offshore
drilling activities in competition with Seadrill. The Company expects to execute
an agreement with Seatankers for the commercial and technical management of the
West Mira as well as a right of first refusal for purchase of the Unit.
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 and the markets in which it operates. 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 filings with the Securities and Exchange Commission, including its
Annual Report on Form 20-F (File No. 001-34667). 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 of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Seadrill Limited via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 13.03.2017 - 07:41 Uhr
Sprache: Deutsch
News-ID 529641
Anzahl Zeichen: 3776
contact information:
Town:
Hamilton
Kategorie:
Business News
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"SDRL - Seadrill Limited Announces Settlement of West Mira Arbitration"
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