Seadrill Limited
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Receivables/(payables) with SeaMex joint venture as at September 30, 2018 consisted of the following:
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Successor
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Predecessor
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(In $ millions)
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As at September
30, 2018
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As at December
31, 2017
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Sellers credit
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250
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250
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$45 million loan facility
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45
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45
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Interest on long-term funding and sellers credit
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69
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50
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Other receivables
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36
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32
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Other payables
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(3
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(3
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)
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Performance Guarantees
The Predecessor provided performance guarantees for the SeaMex drilling units, up to a total of $30 million as at December 31, 2017 (Predecessor).
This guarantee is no longer provided as at September 30, 2018.
Seabras Sapura transactions
Seabras Sapura Participações S.A. and Seabras Sapura Holding GmbH, along with their wholly owned subsidiaries, are together referred to as
Seabras Sapura. Seabras Sapura are joint ventures that own and operate pipe-laying service vessels in Brazil and are owned 50% by us and 50% by TL Offshore, a subsidiary of Sapura Energy Berhad.
Loans
In May 2014, we provided a loan to Sapura
Navegaceo Martima S.A. of $11 million, which was novated to Seabras Sapura Participações S.A. on December 30, 2015. The loan bears an interest rate of 3.4% and was initially repayable by May 31, 2015. On May 28,
2015 the maturity date for this loan was extended to May 31, 2016. Subsequently, the loan agreement was amended and maturity date extended to February 28, 2017 and then to May 31, 2017. As at June 30, 2017, the loan agreement was
amended and the debt is now repayable on demand. The outstanding balance as at September 30, 2018 (Successor) was $11 million (December 31, 2017 (Predecessor): $11 million).
In January 2015, we provided a loan to Sapura Navegacao Martima S.A. of $18 million, which was novated to Seabras Sapura Participações S.A.
on December 30, 2015. The loan bears an interest rate of 3.4% and was initially repayable by February 16, 2016. Subsequently, the loan agreement was amended and maturity date extended to February 28, 2017 and then to May 31,
2017. As at June 30, 2017, the loan agreement was amended and the debt is now repayable on demand. The outstanding balance as at September 30, 2018 (Successor) was $18 million (December 31, 2017 (Predecessor): $18 million).
In April 2015, we provided a loan to Sapura Onix GmbH of $14 million in connection with delivery of the Seabras Onix pipe-laying vessel. The outstanding
balance as at September 30, 2018 (Successor) was $14 million (December 31, 2017 (Predecessor): $14 million). The loan bears an interest rate of LIBOR plus 3.99% and is repayable on demand, subject to certain restrictions under the
agreement. In November 2018, we received $11million from Sapura Onix GmbH as a partial repayment of the loan.
In December 30, 2015, we provided a
loan to Seabras Sapura Participações S.A. of $3 million relating to the payments for equipment. The outstanding balance as at September 30, 2018 (Successor) was $3 million (December 31, 2017 (Predecessor): $3
million). The loan bears an interest rate of 4.4% on overdue balances, and was due to be repaid on February 28, 2017. This facility is now repayable on demand.
In June 2016, the Company provided a subordinated loan to Seabras Rubi GmbH of $14 million in connection with delivery of the Seabras Rubi pipe-laying
vessel. The loan bears an interest rate of 3.99% plus LIBOR and is repayable on demand, subject to certain restrictions under the agreement. The outstanding balance as at September 30, 2018 (Successor) was $14 million (December 31,
2017 (Predecessor): $14 million).
In October 2016, the Company provided a subordinated loan to Seabras Jade GmbH of $12 million in relation to the
funding retention account in the joint venture for the Sapura Jade vessel. The loan bears an interest rate of 3.99% plus LIBOR and is repayable on demand, subject to certain restrictions under the agreement. The outstanding balance as at
September 30, 2018 (Successor) was $12 million (December 31, 2017 (Predecessor): $12 million).
In December 2016, the Company provided a
subordinated loan to Seabras Onix GmbH, $6 million in relation to the funding retention accounts in the joint venture for the vessels. The loan bears an interest rate of 3.99% plus LIBOR and is repayable on demand, subject to certain
restrictions under the agreement. The outstanding balance as at September 30, 2018 (Successor) was $6 million (December 31, 2017 (Predecessor): $6 million).
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