SDLP - Seadrill Limited Restructuring Update
(Thomson Reuters ONE) -
London, United Kingdom, September 12, 2017 - Seadrill Partners LLC ("Seadrill
Partners" or the "Company") announces today that the Company's largest
shareholder, Seadrill Limited ("Seadrill"), has entered into a restructuring
agreement with secured lenders, bondholders and a consortium of investors. The
agreement defers the maturity of secured bank debt by five years with no
amortization payments until 2020, converts bonds to equity and delivers new
capital to Seadrill.
To implement the restructuring agreement, Seadrill and certain of its
subsidiaries have filed prearranged chapter 11 cases in the Southern District of
Texas together with the agreed restructuring plan. As part of the chapter 11
cases, "first day" motions were filed that, when granted, will enable day-to-day
operations to continue as usual, including the provision of management services
to Seadrill Partners. For additional information please refer to Seadrill
Limited's Form 6K filed today.
Seadrill Partners' recently announced amendments to certain credit facilities
have successfully insulated the Company and its consolidated entities from
events of default resulting from Seadrill Limited's use of chapter 11
proceedings to implement its restructuring plan. Seadrill Partners did not file
chapter 11 cases, and we expect business operations to be largely unaffected by
Seadrill's chapter 11 filings.
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, trends in its
business and the markets in which it operates and insulation from Seadrill
Limited's restructuring. 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. Important factors that could cause actual results
to differ materially from those in the forward looking statements include, but
are not limited to the performance of the drilling rigs in the Company's fleet;
delay in payment or disputes with customers; fluctuations in the international
price of oil; changes in governmental regulations that affect the Company or the
operations of the Company's fleet; increased competition in the offshore
drilling industry; hire rates and factors affecting supply and demand for
drilling rigs; the financial condition of the Company's existing or future
customers; and general economic, political and business conditions globally and
the effects of Seadrill Limited's restructuring. 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 SEC, including its Annual Report on Form 20-F (File
No. 001-35704).
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 us 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 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 Partners LLC via GlobeNewswire
Datum: 13.09.2017 - 00:43 Uhr
Sprache: Deutsch
News-ID 559686
Anzahl Zeichen: 4569
contact information:
Town:
London
Kategorie:
Business News
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"SDLP - Seadrill Limited Restructuring Update"
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