SDRL - Seadrill Announces Comprehensive Restructuring Plan to Be Implemented with Prearranged Chapter 11 Cases - Seite 2

As part of the restructuring process, Seadrill has successfully ring-fenced its non-consolidated affiliates from the Company's restructuring, including Seadrill Partners LLC, SeaMex Ltd., Archer Limited and their respective subsidiaries.  These non-consolidated affiliates did not file chapter 11 cases, and we expect their business operations to continue uninterrupted.

Commenting today, Anton Dibowitz, CEO and President of Seadrill Management Ltd., said:

"The restructuring agreement we signed today is a comprehensive plan that raises over $1 billion of new capital, is underpinned by Hemen Holding Ltd., our largest shareholder, and is overwhelmingly supported by our banks and approximately 40 percent of our bondholders.  This is a testament to our position in the sector, having a large, modern fleet, a top-quality customer base and a proven operating track record.  With our improved capital structure, we will be in a strong position to capitalise when the market recovers. 

The continued focus and dedication of all our employees throughout this process has been exceptional.  It is due to our people's commitment to deliver safe, efficient operations day in, day out that we have succeeded in reaching this restructuring agreement."

The Company has engaged Kirkland & Ellis LLP as legal counsel, Houlihan Lokey, Inc. as financial advisor, and Alvarez & Marsal as restructuring advisor.  Slaughter and May has been engaged as corporate counsel, and Morgan Stanley served as co-financial advisor during the negotiation of the restructuring agreement.  Advokatfirmaet Thommessen AS is serving as Norwegian counsel.  Conyers Dill & Pearman is serving as Bermuda counsel. 

Court filings and other information related to the restructuring proceedings are available at a website administered by the Company's claims agent, Prime Clerk, at https://cases.primeclerk.com/seadrill or via the information call center at 844-858-8891 (US toll free) or the following international numbers:

Brazil Toll Free: 0-800-591-8054
Mexico Toll Free: 01-800-681-5354
Nigeria Toll Free: 070-80601847
Norway Toll Free: 800-25-030
Saudi Arabia Toll Free: 800-850-0029
Singapore Toll Free: 800-492-2272
Thailand Toll Free: 1-800-011-156
UAE Toll Free: 8000-3570-4559
UK Toll Free: 0-800-069-8580

Copies of the documents governing the restructuring agreement are contained in a Report of Foreign Issuer on Form 6-K to be filed with the Securities and Exchange Commission on September 13, 2017. The Company has also posted FAQs on its website at www.seadrill.com/restructuring.