HAMILTON from Bermuda, February 23, 2021 / PRNewswire / – Seadrill Limited (“Seadrill” or the “Company”) (OSE: SDRL, OTCQX: SDRLF) announces that Seadrill New Finance Limited (“the Issuer”), a subsidiary of the Company, has agreed to extend the existing forbearance agreement announced on February 11, 2021 in respect of the 12.0% Senior Secured Notes due 2025 (the “Notes”) with certain Noteholders (the “Noteholders”).
Pursuant to the forbearance agreement, as extended, the consenting noteholders have agreed not to exercise any performance rights with respect to the Issuer and any subsidiary of the Issuer that is a debtor in under the Notes or to take action with respect to certain default events that may arise under the Notes due, among other things, to the Issuer’s failure to make the semi-annual cash interest payment of 4 % due to holders of Senior Secured Notes on January 15, 2021 with regard to their notes and the filing of Chapter 11 cases in the Southern District of Texas by the Company and some of its consolidated subsidiaries (excluding the Issuer and its consolidated subsidiaries) until the first of March 10, 2021 and any termination of the forbearance agreement.
The purpose of the forbearance agreement is to give the Issuer and its stakeholders more time to negotiate the terms of an overall restructuring of its balance sheet. Such restructuring may involve the use of a court-supervised process.
This press release contains 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 efforts to restructuring. These statements are based on management’s current plans, expectations, assumptions and beliefs regarding future events affecting the company and therefore involve a number of risks, uncertainties and assumptions that could result in so that actual results differ materially from those expressed or implied in the statements, which speak only as of the date of this press release. Therefore, no forward-looking statement can be guaranteed. When reviewing these forward-looking statements, you should keep in mind the risks described from time to time in the regulatory documents and periodic reports of the Company. The Company assumes 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 unforeseen events. New factors emerge from time to time, and it is not possible for the company to predict all of these factors. In addition, the Company cannot assess the impact of each of these factors on its business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statement.
This information is subject to disclosure obligations in accordance with section 5-12 of the Norwegian Securities Law.
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SOURCE Seadrill Limited