SDRL - Amendments to Certain Credit Facilities to Insulate Seadrill Partners from Seadrill Limited's Restructuring
(Thomson Reuters ONE) -
Hamilton, Bermuda, August 17, 2017 - Seadrill Limited ("SDRL or the Company")
announces today that it has completed amendments to three secured credit
facilities that relate to rigs purchased by Seadrill Partners from the Company
that will insulate Seadrill Partners from events of default related to the
Company's likely use of chapter 11 proceedings to implement its restructuring
plan.
The amendments to the three facilities remove Seadrill Partners and its
consolidated entities as a borrower or guarantor and separate the facilities
such that each resulting Seadrill Limited facility is secured only by Seadrill
Limited's assets without recourse to Seadrill Partners or its assets.
This transaction is part of the Company's comprehensive restructuring plan that
is intended to preserve the value of its equity stakes in Seadrill Partners and
its consolidated entities.
Discussions continue with certain third party and related party investors and
its secured lenders on the terms of a comprehensive recapitalization. As
previously disclosed, we continue to believe that implementation of a
comprehensive restructuring plan will likely involve chapter 11 proceedings, and
we are preparing accordingly. It is likely that the comprehensive restructuring
plan will require a substantial impairment or conversion of our bonds, as well
as impairment and losses for other stakeholders, including shipyards. As a
result, the Company currently expects that shareholders are likely to receive
minimal recovery for their existing shares.
The Company's business operations remain unaffected by these restructuring
efforts and the Company expects to continue to meet its ongoing customer and
business counterparty obligations.
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 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: 17.08.2017 - 07:30 Uhr
Sprache: Deutsch
News-ID 556841
Anzahl Zeichen: 4223
contact information:
Town:
Hamilton
Kategorie:
Business News
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