Seadrill Limited (SDRL) 🛢

TekBot · juni 2, 2020, 5:02am

Seadrill Limited (SDRL) - First Quarter 2020 Results

Material impairments on assets [and investments] and a focus on restructuring

Highlights
…

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·
Revenue down 19% at $321 million with lower proportion of reimbursable revenues

·
Technical utilization of 95% and economic utilization of 93%

·
Operating Loss of $1,284 million after making material asset impairments

·
Adjusted EBITDA of $55 million, representing 17.1% margin

·
Net loss attributable to shareholder of $1,564 million equivalent to net loss
per share of $15.59

·
During the quarter we added $77 million in backlog, maintaining a total backlog
figure of $2.5 billion

·
Closing cash of $1.2 billion

Subsequent Events

·
Significant market challenges arising from the sharp decline in the oil price

·
Additional operational and logistic challenges arising through COVID-19 pandemic
restrictions

·
Financial and legal advisors appointed to evaluate comprehensive restructuring
alternatives to reduce debt service costs and overall indebtedness

·
Announced on June 1, 2020, decision to delist from NYSE and maintain a single
listing on the Oslo Stock Exchange

Anton Dibowitz, President and CEO, commented:

"First and foremost, we need to recognize the way in which the whole Seadrill
community has risen to the operational and logistical challenges arising because
of COVID-19. We have continued our record of strong operational delivery in the
quarter, working across 28 locations with over 4,000 employees from 57 different
countries. Whilst our onshore personnel get used to a new mode of working, we
have many offshore personnel whose continuous time working to maintain safe
operations for our customers is now measured in terms of months rather than
weeks. I continue to be humbled by the dedication of our people who deliver safe
and efficient operations during this trying time, including some of whom will be
leaving us as we maintain our focus on our cost competitiveness and adjust
staffing levels to account for lower activity levels.

“This industry has two fundamental challenges which are emphasized by recent
events - there are too many rigs carrying too much debt. In the quarter we took
an impairment of $1.2 billion as we recognize, along with others in the sector,
that a number of our assets are increasingly unlikely to return to the market
and need to be scrapped. Assets across the industry also carry debt levels which
are unlikely to be sustainable and consequently we should expect to see
substantial indebtedness being converted to equity. Only when the industry
addresses both of these issues will we be in a position where the balance of
market supply and demand can deliver reasonable investment returns to
stakeholders.”

This information is subject to the disclosure requirements pursuant to Section 5
-12 the Norwegian Securities Trading Act.

seadrill@hawthornadvisors.com

Kilde

Magnus1 · juni 12, 2020, 12:36pm

Ingen som har trua på Seadrill…
Fyker opp og ned som en jojo.

Noen som har noen tanker?

Magnus1 · juni 12, 2020, 12:41pm

Jeg har overhode ikke peiling. Ser bare den siste tiden at den har gått mye opp og ned.
Kjøpt litt på måfå og gjort noen tusen… Var oppe i 10 kroner tidligere i uken. Så nede igjen på 4 tallet. Nå er vi (kanskje) snart over 6 igjen…

Magnus1 · juni 12, 2020, 5:11pm

Crap! Glemte å selge i dag… Hadde ikke tenkt å sitte over helgen etter meldingen din🙈

TekBot · juni 19, 2020, 8:35pm

SDRL - Seadrill Limited Transitions to Quotation on OTC Capital Markets OTCQX

Hamilton, Bermuda, June 19, 2020 - Seadrill Limited (“Seadrill” or the
“Company”) today announces that further to its press release dated June 1, 2020,
and as part of the delisting of its common shares (the “Common Shares”) from
…

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the New York Stock Exchange (NYSE), the completion of its transition to the
United States’ OTCQX Market.

The Company filed a Form 25 with the U.S. Securities and Exchange Commission
(the “SEC”) on June 11, 2020 in order to delist its common shares from the NYSE,
which occurs ten days thereafter upon effectiveness of the Form 25. Accordingly,
the Company’s last day of trading on the NYSE was on June 19, 2020, which was
the last trading day prior to the effectiveness of the Form 25.

Seadrill expects its Common Shares to be listed and tradable on the highly
regulated and highly liquid OTCQX Market as of June 22, 2020. The OTCQX Market
is a well-established U.S. financial market for U.S. and international companies
and will provide support to the Company’s U.S. shareholders.

The Oslo Børs will now become Seadrill’s primary listing, where it will retain
its ticker symbol ‘SDRL’. A shareholder who wishes to transfer its shares
between the NYSE and the Oslo Stock Exchange should contact its broker for more
information in this respect.

-ENDS-

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 filings with the Securities and
Exchange Commission, including its Annual Report on Form 20-F (File No. 333
-224459). 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 the Norwegian Securities Trading Act

seadrill@hawthornadvisors.com

Kilde

TekBot · juli 29, 2020, 6:33pm

SDRL - Cancellation of Share Plans, Cash Payment to Primary Insiders

Hamilton, Bermuda, July 29, 2020 - Seadrill Limited (“Seadrill” or the
“Company”) announces that Performance Share Unit awards (“PSUs”) and Restricted
Share Unit awards (“RSUs”, and together with the PSUs referred to as “Awards”)
…

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granted to employees and other Award holders under the Company’s incentive plans
have been offered surrendered in exchange for a one-off compensatory cash
payment to such holders (the “Payment”).

The primary insiders of the Company have held in total 510,234 PSUs and 188,369
RSUs. The Payment to primary insiders of the Company amounted to in total USD
210,122, with a payment per PSU and RSU surrendered of USD 0.22353 and USD 0.51,
respectively. The allocation of the Payment to primary insiders is set out
below.

· Peter Sharpe (Director) had a holding of 0 PSUs and 47,457 RSUs (unvested),
which were surrendered in exchange for a one-off cash payment of in total USD
24,203. Following Payment, Peter Sharpe holds 1,701 shares and no Awards in the
Company.
· Kjell-Erik Ostdahl (Director) had a holding of 0 PSUs and 47,457 RSUs
(unvested), which were surrendered in exchange for a one-off cash payment of in
total USD 24,203. Following Payment, Peter Sharpe holds 1,701 shares and no
Awards in the Company.
· Anton Dibowitz (CEO) had a holding of 297,339 PSUs and 60,038 RSUs
(unvested), which were surrendered in exchange for a one-off cash payment of in
total USD 97,084. Following Payment, Anton Dibowitz holds 15,846 shares and no
Awards in the Company.
· Stuart Jackson (CFO) had a holding of 120,218 PSUs and 0 RSUs (unvested),
which were surrendered in exchange for a one-off cash payment of in total USD
26,873. Following Payment, Stuart Jackson holds 0 shares and no Awards in the
Company.
· Leif Nelson (COO) had a holding of 92,677 PSUs and 33,417 RSUs (unvested),
which were surrendered in exchange for a one-off cash payment of in total USD
37,759. Following Payment, Leif Nelson holds 8,807 shares and no Awards in the
Company.

-ENDS-

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 filings with the Securities and
Exchange Commission, including its Annual Report on Form 20-F (File No. 333
-224459). 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 4
-2 of the Norwegian Securities Trading Act.

seadrill@hawthornadvisors.com

Kilde

TekBot · august 10, 2020, 1:28pm

Financial calendar

TekBot · august 24, 2020, 3:21pm

Financial calendar

TekBot · august 25, 2020, 5:03am

Seadrill Limited (SDRL) - Second Quarter 2020 Results

Hamilton, Bermuda, August 25, 2020 - Seadrill Limited (“Seadrill” or “the
Company”) (OSE:SDRL, OTCQX:SDRLF), a world leader in offshore drilling,
announces its second quarter results for the period ended June 30, 2020.
…

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Highlights

· Technical utilization[1] of 97% and economic utilization[2] of 91%
· Revenue down 14% at $277 million due to lower management contract revenues
· Operating Loss of $88 million
· Adjusted EBITDA[3] of $35 million, representing 12.6% margin
· Net loss attributable to shareholders of $181 million, equivalent to net
loss per share of $1.80
· During the quarter we added $41 million in backlog, total backlog now stands
at $2.3 billion
· Closing cash of $1.0 billion

Financial Highlights Seadrill Limited
Figures in USD million, Q2 2020 Q1 2020 % Change
unless otherwise
indicated
Total Operating Revenue 277 321 (14) %
Adjusted EBITDA 35 55 (36) %
Adjusted EBITDA Margin 12.6 % 17.1 % (5) %
(%)
Operating Loss (88) (1,284) 93 %
Net loss (183) (1,565) 88 %
Net Loss attributable to (181) (1,564) 88 %
shareholder
Net Loss per Share (1.80) (15.59) 88 %

Subsequent Events

· West Phoenix obtained an extension of work in Norway
· We continue to evaluate capital structure proposals from our financial
stakeholders; whilst no agreement has been reached at this point it is expected
that potential solutions will lead to significant equitization of debt which is
likely to result in minimal or no recovery for current shareholders

Anton Dibowitz, CEO, commented:

"Global market sentiment for the quarter has been poor, as the real impacts of
COVID-19 and reduced demand have begun to crystallize. While the industry-wide
demand deficiencies remain outside our control, we have been concentrating our
efforts on what we can influence, namely, our day-to-day operations and our
capital structure. Despite the weak market outlook, we are pleased to be adding
to our backlog and above all, delivering for our customers including through
extended work programs on our rigs.

"We will be prioritizing our cash preservation and efficiency plan to prepare
ourselves for the challenges that our industry faces in the short to medium
-term. From a capital structure perspective, we continue to engage with our
financial stakeholders to ensure we create a debt structure appropriate for the
new market environment. Our $1.0bn cash balance at the end of the quarter
provides us with necessary flexibility to manage this process.

“I’d like to commend every member of the Seadrill community for their
contributions during this time. We have seen how our onshore and offshore
employees have adjusted and grown accustomed to the new ways of working during
COVID-19, the effectiveness with which they have done so has galvanized our
entire organization and motivated us to persevere through these challenging
times.”

seadrill@hawthornadvisors.com

Kilde

Sjakk · august 26, 2020, 5:15am

potential solutions will lead to significant equitization of debt which is
likely to result in minimal or no recovery for current shareholders

I klartekst: eventuelle løsninger vil føre til konvertering av gjeld til aksjer. Nåværende aksjonærer vil sannsynligvis utvannes til tilnærmet ingenting

Borborson · august 26, 2020, 4:57am

Hva betyr egentlig den setningen?

Krieghoff · august 26, 2020, 5:01am

Det betyr at dagens aksjonærer kommer til å bli vannet såpass hardt ut at dagens aksjer er vært svært nærme 0kr

aborum · august 26, 2020, 5:20am

SDRL er en døende aktie der efterhånden udelukkende overlever på emissioner. Investorerne er tvunget til at sidde med for at undgå at tabe alt og imens får bondholders større og større dele af selskabet på egne hænder.

En slags skjult hostile takeover?

TekBot · august 31, 2020, 2:06pm

SDRL – Cleansing announcement – restructuring process

Hamilton, Bermuda, August 31, 2020 – Certain of the new secured noteholders (the “NSNs”) approached Seadrill Limited (the “Company”) to discuss the possibility of extinguishing the outstanding NSNs in exchange for certain secured collateral. The attached slide details the Company’s response to the proposal from the NSNs.

-ENDS-
…

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FORWARD LOOKING STATEMENTS

This 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 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 periodical financial 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 the Norwegian Securities Trading Act.

Kilde

TekBot · august 31, 2020, 2:06pm

SDRL - Cleansing announcement - restructuring process

Hamilton, Bermuda, August 31, 2020 - Certain of the new secured noteholders (the
“NSNs”) approached Seadrill Limited (the “Company”) to discuss the possibility
of extinguishing the outstanding NSNs in exchange for certain secured
…

Vis børsmeldingen

collateral. The attached slide details the Company’s response to the proposal
from the NSNs.

-ENDS-

FORWARD LOOKING STATEMENTS

This 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 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 periodical financial 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 the Norwegian Securities Trading Act.

seadrill@hawthornadvisors.com

Kilde

TekBot · september 14, 2020, 7:39pm

SDRL - Seadrill Announces Acquisition of Shares in Asia Offshore Drilling

Hamilton, Bermuda, September 14, 2020 - Seadrill Limited (“Seadrill” or the “Company”) (OSE:SDRL, OTCQX:SDRLF) announces its acquisition of the minority holding of 33.76% of the share capital of Asia Offshore Drilling Limited (“AOD”).

The consideration for the shares in AOD is USD 31,000,000, and it is expected that completion of the share transfer and payment of the consideration will occur by the end of September 2020. Following completion, Seadrill will, through its subsidiary Seadrill Rig Holding Company Limited, hold 100% of the shares in AOD.
…

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-ENDS-

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 of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde

TheObserver · september 14, 2020, 9:00pm

Hmmm, Seadrill var visst ikke konk allikevel.?..

Hva sier kreditorene når selskapet tømmer cashbeholdningen for 300 MNOK? Har Hemen kommet med noen garantier og bunnfisker i bunnen av syklusen? Kanskje kjøpe noen lottobonger her i morgen

zappa66 · september 14, 2020, 10:09pm

Hvem eier gjelda, kanskje sitter Hemen på begge sider av bordet her.
Tror kanskje man bør vente til etter at gjelda er konvertert om man tenker å sitte en stund

TekBot · september 15, 2020, 10:28pm

SDRL - Seadrill Announces Forbearance Agreements

Hamilton, Bermuda, September 15, 2020 - Seadrill Limited (“Seadrill” or the “Company”) (OSE:SDRL, OTCQX:SDRLF) announces that it has entered into forbearance agreements with certain creditors in respect of the group’s senior secured credit facility agreements, senior secured notes, and guarantee facility agreement.

Pursuant to the forbearance agreements, the consenting creditors have agreed not to exercise any voting rights to, or otherwise take actions, in respect of certain events of default that may arise under the senior secured credit facility agreements, senior notes and guarantee facility agreement as a result of the group not making certain interest payments falling due in September 2020 under the group’s senior secured credit agreements until and including the earlier of 29 September 2020 and any termination of the forbearance agreements. Forbearance has not yet been agreed with respect to termination events that may arise under the Company’s leasing agreements in respect of the West Hercules, West Linus and West Taurus. Without a forbearance in respect of these leasing agreements, a non-payment of interest under the agreements covered by the forbearance agreements that have been agreed could result in enforcement of a cross-default under such leasing agreements.
…

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The purpose of the forbearance agreements is to allow the Company and its stakeholders more time to negotiate on the head terms of a comprehensive restructuring of its balance sheet. Such a restructuring may involve the use of a court-supervised process. The Company continues to evaluate capital structure proposals from its financial stakeholders; whilst no agreement has been reached at this point it is expected that potential solutions will lead to significant equitization of debt which is likely to result in minimal or no recovery for current shareholders.

The Company has engaged Kirkland & Ellis LLP as legal counsel, Houlihan Lokey, Inc. as financial advisor, and Alvarez & Marsal as restructuring advisor. Slaughter and May has been engaged as corporate counsel and Advokatfirmaet Thommessen AS is serving as Norwegian counsel.

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 of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde

Frodoen · september 16, 2020, 5:33am

Nå kan det kanskje være greit å prøve en Lotto kupong?

Et lite rally før en Nas løsning.