INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Seadrill New Finance Limited (the “Issuer”) – Successful Completion of Consent Solicitation
Hamilton, Bermuda | July 12, 2021—Seadrill Limited (“Seadrill” or the “Company”) (OSE: SDRL, OTCPK:SDRLF)
and the Issuer announce, further to the announcement made by Seadrill and the Issuer on July 2, 2021, the successful completion of the consent solicitation process (the “Consent Solicitation”) to amend certain terms of the indenture
(the “Indenture”), dated as of July 2, 2018, and as amended and supplemented by that certain first supplemental indenture dated as of March 11, 2019, related to the Issuer’s outstanding 12.0% Senior Secured Notes due
2025 (the “Notes”).
The Consent Solicitation expired at 5 p.m., New York City time, on July 9, 2021.
Approximately 80% in aggregate principal amount of the Notes consented to the proposed amendment. The Issuer has entered into a supplemental indenture (the
“Second Supplemental Indenture”) related to the Notes, effective July 9, 2021. The amendment permits the Issuer to use the Net Realization Proceeds (as defined in the Indenture) as of the date of the Second Supplemental Indenture that
have not previously been deemed to constitute “Excess Proceeds” to fund reorganization expenses of the Issuer and to advance funds by way of loan or other investments in the form of debt to SeaMex Ltd., its successors and its and their
respective subsidiaries to meet their ongoing operating and administrative needs, including operating disbursements, personnel costs, personnel taxes, direct and indirect taxes, debt service and other costs and expenses.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation, or sale will be made in
any jurisdiction in which such an offer, solicitation, or sale would be unlawful.
About Seadrill
Seadrill is a leading offshore drilling contractor utilizing advanced technology to unlock oil and gas resources for clients across harsh and benign locations
across the globe. Seadrill’s high quality, technologically advanced fleet spans all asset classes allowing its experienced crews to conduct its operations from shallow to ultra-deep-water environments. The company operates 43 rigs, which
includes drillships, jack-ups and semi-submersibles.
Seadrill is listed on the Oslo Børs and OTC Pink
markets. For more information, visit https://www.seadrill.com/.
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are generally not historical in nature, and specifically include statements about the
Company’s plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts. These statements are made based upon management’s current plans, expectations, assumptions
and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements,
which speak only as of the date of this news release. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should keep in mind the risks described from time to time in the
Company’s regulatory filings and periodical reporting. The Company undertakes no obligation to update any forward looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence
of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to which any
factor, or combination of factors, may cause actual results to be materially different from those contained in any forward looking statement.
This
information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
For further information, please contact:
Media questions
should be directed to:
Iain Cracknell
Director of
Communications
+44 (0)7765 221 812
Analyst questions
should be directed to:
Hawthorn Advisors
seadrill@hawthornadvisors.com
+44 (0)203 7454960