HAMILTON, Bermuda, Sept. 12, 2023 /PRNewswire/ -- As previously
announced, the Board of Directors of Seadrill Limited ("Seadrill"
or the "Company") (NYSE: SDRL) (OSE: SDRL) authorized a share
repurchase program that allows the Company to repurchase up to
$250 million of its outstanding
common shares. The Company is not obligated to repurchase any
shares under the program. The program has no set time limit.
In furtherance of the program, Seadrill announced today that it
has put in place an agreement with Arctic Securities AS and its
subsidiary, Arctic Securities LLC ("Arctic"), for the repurchase of
the Company's common shares in open market transactions on the OSE
and the NYSE. Under this agreement, Arctic will make its own
trading decisions independently of, and uninfluenced by, Seadrill,
subject to instructions provided by Seadrill in the agreement.
In order to comply with the European Market Abuse Regulation,
the Company has provided the following required information: (i)
under the repurchase program, as may be effected under the Arctic
agreement, the Company may repurchase up to $250 million of its common shares during the
period from September 12, 2023 until
March 31, 2024 (subject also to a
maximum limit of 10 million shares), and (ii) the purpose of the
repurchase program is to reduce the number of common shares of the
Company outstanding and to provide a return to Company
shareholders. The Company cannot predict how many shares will be
repurchased, if any, under the agreement with Arctic, or the timing
of any repurchase or the price that will be paid for any shares
repurchased under the agreement.
The repurchase program will be completed in accordance with
Regulation (EU) 2016/1052.
This information is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading Act
and article 5 of the European Market Abuse Regulation.
Contact information
For additional information, visit www.seadrill.com.
Lydia Brantley Mabry
Director of Investor Relations
T: +1 (832) 252-7064
E: lydia.mabry@seadrill.com
About Seadrill Limited
Seadrill is a leading offshore drilling contractor utilizing
advanced technology to unlock oil and gas resources for clients
across harsh and benign locations around the globe. Seadrill's
high-quality, technologically-advanced fleet spans all asset
classes allowing its experienced crews to conduct operations across
geographies, from shallow to ultra-deepwater environments.
Forward-Looking Statements
This news release includes forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 21E of the
Exchange Act. All statements other than statements of
historical facts included in this communication, including those
regarding the repurchases of the Company's common shares under its
repurchase program. These statements are based on 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. Important factors that could cause actual results to
differ materially from those in the forward-looking statements
include, but are not limited to offshore drilling market conditions
including supply and demand, day rates, customer drilling programs
and effects of new rigs on the market, contract awards and rig
mobilizations, contract backlog, dry-docking and other costs of
maintenance of the drilling rigs in the Company's fleet, the cost
and timing of shipyard and other capital projects, the performance
of the drilling rigs in the Company's fleet, delay in payment or
disputes with customers, Seadrill's ability to successfully employ
its drilling units, procure or have access to financing, ability to
comply with loan covenants, liquidity and adequacy of cash flow
from operations, fluctuations in the international price of oil,
international financial market conditions, inflation, changes in
governmental regulations that affect the Company or the operations
of the Company's fleet, increased competition in the offshore
drilling industry, the impact of global economic conditions and
global health threats, pandemics and epidemics, our ability to
maintain relationships with suppliers, customers, employees and
other third parties and our ability to maintain adequate financing
to support our business plans, our ability to successfully complete
any acquisitions, divestitures and mergers, our liquidity and the
adequacy of cash flows for our obligations, our liquidity and the
adequacy of cash flows for our obligations, our ability to satisfy
the continued listing requirements of the New York Stock Exchange
("NYSE") and the Oslo Stock Exchange ("OSE"), or other exchanges
where our common shares may be listed, or to cure any continued
listing standard deficiency with respect thereto, the cancellation
of drilling contracts currently included in reported contract
backlog, losses on impairment of long-lived fixed assets, shipyard,
construction and other delays, the results of meetings of our
shareholders, political and other uncertainties, including those
related to the conflict in Ukraine, the effect and results of litigation,
regulatory matters, settlements, audit, assessments and
contingencies, including any litigation related to the Merger of
the Company ("Merger") with Aquadrill LLC ("Aquadrill"), our
ability to successfully integrate with Aquadrill following the
Merger, the concentration of our revenues in certain geographical
jurisdictions, limitations on insurance coverage, our ability to
attract and retain skilled personnel on commercially reasonable
terms, the level of expected capital expenditures, our expected
financing of such capital expenditures, and the timing and cost of
completion of capital projects, fluctuations in interest rates or
exchange rates and currency devaluations relating to foreign or
U.S. monetary policy, tax matters, changes in tax laws, treaties
and regulations, tax assessments and liabilities for tax issues,
legal and regulatory matters in the jurisdictions in which we
operate, customs and environmental matters, the potential impacts
on our business resulting from decarbonization and emissions
legislation and regulations, the impact on our business from
climate-change generally, the occurrence of cybersecurity
incidents, attacks or other breaches to our information technology
systems, including our rig operating systems and other important
factors described from time to time in the reports filed or
furnished by us with the SEC . Consequently, no forward-looking
statement can be guaranteed. When considering these forward-looking
statements, you should also keep in mind the risks described from
time to time in the Company's filings with the SEC, including its
Annual Report on Form 20-F for the year ended December 31, 2022, filed with the SEC on
April 19, 2023 (File No. 001-39327)
and subsequent reports on Form 6-K.
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 us to predict all of these
factors. Further, the Company cannot assess the impact of each such
factors 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.
CONTACT:
seadrill@hawthornadvisors.com
View original
content:https://www.prnewswire.co.uk/news-releases/seadrill-limited-initiates-previously-announced-share-repurchase-program-301924224.html