Middle East

Seadrill emerges from Chapter 11 Bankruptcy

On Wednesday, Seadrill, an offshore drillship contractor, announced its exit from the bankruptcy of Chapter 11 after the restructuring was successfully completed.

The plan was confirmed by the US Bankruptcy Court in Southern Texas on October 26, 2021.

“The restructuring leveled approximately $ 4.9 billion of secured bank debt previously held in 12 silos and streamlined the capital structure in a single secured silo. The company also followed this plan in 3 Raised $ 150 million in new financing, “Seadrill said.

According to Seadrill, holders of existing shares in the company’s predecessor, Seadrill Limited, have fallen to 0.25% of existing holdings, while the company’s employees, customers, and regular trade claims are affected by restructuring. I didn’t receive it.

“Substantial liquidity procured according to our streamlined capital structure and plans provides us with a secure foundation for pursuing opportunities in the offshore drilling industry and increasing the value of its stakeholders. “The offshore drilling company said.

Seadrill CEO Stuart Jackson commented: We would like to express our sincere gratitude to our employees, customers, partners, suppliers, creditors and shareholders for their support. “Our restructured balance sheet provides greater liquidity and lower debt leverage. With this strong financial base established and the market recovering smoothly, Seadrill is an industry leader. Focus on disciplined capital investment, cost control, and contract risk management to maintain our position as a leader in restructuring. ”

As part of the restructuring program, Seadrill will also have a newly formed board of directors consisting of Julie Johnson Robertson (Chairman of the Board), Mark McCollum (Chairman of the Audit Committee), Karen Dyrskjot Boesen, Jean Cahuzac and Jan. Newly appointed. BKjærvik, Andrew Schultz, and Paul Smith.

Julie Robertson, Chairman of the Board of Directors, commented: The road to a break from Chapter 11 was long. We would like to take this opportunity to thank the hard-working guidance of board members who are retiring through this process, and to the management and employees for maintaining safety leadership and operational excellence. Difficult times. ”

https://www.oedigital.com/news/494520-seadrill-emerges-from-chapter-11-bankruptcy Seadrill emerges from Chapter 11 Bankruptcy

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