HAMILTON, Bermuda, Feb. 23, 2021 /PRNewswire/ — Seadrill Restricted (“Seadrill” or the “Firm”) (OSE:SDRL, OTCQX:SDRLF) broadcasts that Seadrill New Finance Restricted (the “Issuer”), a subsidiary of the Firm, has agreed to increase the prevailing forbearance settlement introduced on 11 February 2021 with respect to the 12.0% senior secured notes due 2025 (the “Notes”) with sure holders of the Notes (the “Notice Holders”).
Pursuant to the forbearance settlement, as prolonged, the consenting Notice Holders have agreed to not train any enforcement rights with respect to the Issuer and any subsidiary of the Issuer which is an obligor below the Notes to, or in any other case take actions in respect of, sure occasions of default that will come up below the Notes because of, amongst different issues, the Issuer not making the semi-annual 4% money curiosity cost because of the senior secured noteholders on 15 January 2021 in respect of their Notes and the submitting of Chapter 11 circumstances within the Southern District of Texas by the Firm and sure of its consolidated subsidiaries (excluding the Issuer and its consolidated subsidiaries) till and together with the sooner of 10 March 2021 and any termination of the forbearance settlement.
The aim of the forbearance settlement is to permit the Issuer and its stakeholders extra time to barter on the heads of phrases of a complete restructuring of its stability sheet. Such a restructuring could contain using a court-supervised course of.
FORWARD LOOKING STATEMENTS
This information launch contains ahead trying statements. Such statements are usually not historic in nature, and particularly embody statements concerning the Firm’s plans, methods, enterprise prospects, modifications and traits in its enterprise, the markets during which it operates and its restructuring efforts. These statements are made primarily based upon administration’s present plans, expectations, assumptions and beliefs regarding future occasions impacting the Firm and due to this fact contain quite a few dangers, uncertainties and assumptions that would trigger precise outcomes to vary materially from these expressed or implied within the forward-looking statements, which converse solely as of the date of this information launch. Consequently, no forward-looking assertion might be assured. When contemplating these forward-looking statements, you need to take into account the dangers described once in a while within the Firm’s regulatory filings and periodical reporting. The Firm undertakes no obligation to replace any ahead trying statements to replicate occasions or circumstances after the date on which such assertion is made or to replicate the incidence of unanticipated occasions. New elements emerge once in a while, and it’s not potential for the Firm to foretell all of those elements. Additional, the Firm can’t assess the impression of every such issue on its enterprise or the extent to which any issue, or mixture of things, could trigger precise outcomes to be materially completely different from these contained in any ahead trying assertion.
This data is topic of the disclosure necessities pursuant to part 5-12 of the Norwegian Securities Buying and selling Act.
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