Seadrill Limited is pleased to announce the United States Bankruptcy Court for the Southern District of Texas (the “Court”) has approved the disclosure statement (the “Disclosure Statement”) for the Company’s proposed plan of reorganization (the “Plan”), paving the way for our emergence from Chapter 11 in Q4 2021.
The Court authorized the Company to distribute the Disclosure Statement and solicit votes from all lenders on the Plan. The Court also set a hearing to consider approval of the Plan for October 26, 2021.
The Plan provides a clear pathway for Seadrill to restructure its balance sheet with the Company having already secured support from the majority of its senior secured lenders.
The Company’s motion to approve the backstop commitment letter has been deferred until a later hearing.
Grant Creed, CFO, commented: “We are pleased with these developments, which put us firmly on track for Chapter 11 emergence. The Court approved our timeline for approval of the restructuring and authorized us to solicit lender votes. This will pave the way for a significant balance sheet deleveraging.”
Copies of the Plan and Disclosure Statement, as well as other information regarding the Company’s chapter 11 cases, are available at the following website: https://cases.primeclerk.com/SeadrillLimited/.
Seadrill is a leading offshore drilling contractor utilizing advanced technology to unlock oil and gas resources for clients across harsh and benign locations across the globe. Seadrill’s high quality, technologically advanced fleet spans all asset classes allowing its experienced crews to conduct its operations from shallow to ultra-deep-water environments. The Company operates 42 rigs, which includes drillships, jack-ups and semi-submersibles.
Seadrill is listed on the Oslo Børs and OTC Pink markets. For more information, visit https://www.seadrill.com/