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The Board of Seadrill Limited announced on February 10, 2021, the filing of Chapter 11 cases in the Southern District of Texas for the company and its subsidiaries, as part of a restructuring effort. Seadrill aims to continue operations and pay key trade creditors without interruption, with $650 million in cash available. The restructuring is expected to result in significant debt equitization, likely reducing or eliminating recovery for current shareholders. The company has engaged various legal and financial advisors to oversee the process.
Seadrill Limited (OTC: SDRLF) has entered into a forbearance agreement with certain creditors regarding nine of its twelve senior secured credit facilities. This agreement aims to allow more time for negotiations on a comprehensive restructuring of the company's balance sheet, potentially involving court supervision. While no agreements have been finalized, anticipated solutions may lead to significant debt equitization, likely resulting in minimal or no recovery for current shareholders. Additionally, discussions are ongoing regarding the remaining credit agreements and leases, with risks of creditor enforcement looming without forbearance.
On October 13, 2020, Seadrill Limited announced ongoing discussions with new secured noteholders regarding the potential extinguishment of outstanding notes in exchange for secured collateral. The proposals since August 30, 2020, are detailed in the Cleansing Materials, although they are not exhaustive. The Company emphasized that the forward-looking statements involve risks and uncertainties, and it does not commit to updating this information after the release date. Further details can be accessed through the provided contacts and links.
Seadrill Limited has announced the appointment of Stuart Jackson as the new Chief Executive Officer, effective immediately. He succeeds Anton Dibowitz, who will remain as an advisor until the end of Q1 2021. The company aims to restructure its balance sheet and operational model to adapt to a changing energy market. Alongside Stuart, Grant Creed will take on the role of Chief Restructuring Officer, while Neil Gilliver becomes Chief Accounting Officer. This leadership change is seen as crucial for Seadrill's future development and ability to participate in industry consolidation.
Seadrill Limited (OTCQX: SDRLF) announced on Sept. 29, 2020, an extension of forbearance agreements with certain creditors concerning its senior secured credit facilities. This extension allows creditors to refrain from exercising their rights until at least Oct. 31, 2020, amid ongoing restructuring discussions. However, no forbearance has been secured for specific leasing defaults, which could lead to enforcement actions. The restructuring may involve significant debt equitization, potentially resulting in minimal recovery for current shareholders.
Seadrill Limited (OTCQX: SDRLF) announced on September 16, 2020, that it has entered into forbearance agreements with certain creditors related to its senior secured credit facility agreements and notes. These agreements will postpone actions on potential events of default due to missed interest payments until September 29, 2020. The purpose of forbearance is to provide time for negotiating a comprehensive restructuring of the company's balance sheet, which may involve significant equitization of debt, likely resulting in minimal or no recovery for current shareholders.
Seadrill Limited (OTCQX: SDRLF) has announced the acquisition of a 33.76% minority stake in Asia Offshore Drilling Limited (AOD) for USD 31,000,000. This acquisition aims to enhance Seadrill's position in the offshore drilling market by obtaining 100% ownership of AOD through its subsidiary, Seadrill Rig Holding Company Limited. The transaction is expected to close by the end of September 2020.
Seadrill Limited (OTCQX: SDRLF) reported second quarter 2020 results with revenue down 14% to $277 million, primarily due to reduced management contract revenues. The company faced an operating loss of $88 million and a net loss attributable to shareholders of $181 million, equating to a loss per share of $1.80. Despite the challenging market, Seadrill added $41 million to its backlog, totaling $2.3 billion. The company ended the quarter with $1 billion in cash, focusing on cash preservation amidst industry difficulties exacerbated by COVID-19.
