Gulf Oil and Gas accountACCOUNT

Seadrill Completes Amendments to Certain Credit Facilities

Source: www.gulfoilandgas.com 8/17/2017, Location: Europe

Seadrill Limited (SDRL) has completed amendments to three secured credit facilities that relate to rigs purchased by Seadrill Partners from the Company that will insulate Seadrill Partners from events of default related to the Company's likely use of chapter 11 proceedings to implement its restructuring plan.

The amendments to the three facilities remove Seadrill Partners and its consolidated entities as a borrower or guarantor and separate the facilities such that each resulting Seadrill Limited facility is secured only by Seadrill Limited's assets without recourse to Seadrill Partners or its assets.

This transaction is part of the Company's comprehensive restructuring plan that is intended to preserve the value of its equity stakes in Seadrill Partners and its consolidated entities.

Discussions continue with certain third party and related party investors and its secured lenders on the terms of a comprehensive recapitalization. As previously disclosed, we continue to believe that implementation of a comprehensive restructuring plan will likely involve chapter 11 proceedings, and we are preparing accordingly. It is likely that the comprehensive restructuring plan will require a substantial impairment or conversion of our bonds, as well as impairment and losses for other stakeholders, including shipyards. As a result, the Company currently expects that shareholders are likely to receive minimal recovery for their existing shares.

The Company's business operations remain unaffected by these restructuring efforts and the Company expects to continue to meet its ongoing customer and business counterparty obligations.

Financials and Investment News in Norway >>

Bermuda >>  2/17/2020 - Borr Drilling Limited has entered into a new financing arrangement for the newbuild jack-up rig Tivar, scheduled to be delivered from the yard in July...
Cyprus >>  2/17/2020 - In reference to the Strategy Update released on November 7th last year, Seabird Exploration Plc announces the following: ...

Ireland >>  2/17/2020 - Lansdowne Oil & Gas plc has raised £488,000 by way of a placing of 81,333,333 new ordinary shares of 0.1 pence each (the "Placing Shares") with existi...
Bahamas >>  2/14/2020 - Bahamas Petroleum Company, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas, ...

United States >>  2/14/2020 - Mosman Oil and Gas Limited the oil exploration, development and production company, announces that the Company has raised £300,000 (before expenses) (...
United Kingdom >>  2/13/2020 - Zenith Energy Ltd., the international oil & gas production company, plans to issue up to 20,000,000 new common shares (“Private Placement”) to existin...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Norway Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.