SDRL - Amendment to Secured Credit Facility
Hamilton, Bermuda, August 15, 2017 - Seadrill Limited ("SDRL" or "the Company") announces today that it has amended the term credit facility provided to Seadrill Eminence Ltd., a wholly owned subsidiary of the Company, to mature on September 14, 2017.
The amendment was implemented by way of a scheme of arrangement under section 99 of the Companies Act 1981 of Bermuda. The scheme received approval from 100 per cent. of the number and 100 per cent. by value of the scheme creditors voting at the scheme meeting and was sanctioned by the Supreme Court of Bermuda on August 14, 2017.
The amendment aligns the maturity of the facility with that of (i) the Company's US$400 million credit facility and (ii) the revolving credit facility provided to North Atlantic Drilling Ltd., a majority owned subsidiary of the Company, thereby providing an additional period for negotiations to continue with the Company's bank group and other stakeholders over a comprehensive restructuring plan.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.