Seadrill Limited (SDRL) commenced Chapter 11 cases on 10 February 2021. Chapter 11 is the section of the U.S. Bankruptcy Code that covers court-supervised restructurings of businesses.
Like many companies in our sector, Seadrill has been impacted by the current market conditions compounded by the COVID-19 pandemic which have resulted in an oversupply of oil amid a global economic decline.
This has impacted supply and demand dynamics, it has put pressure on day rates and driven down future utilization for all asset types.
Restructuring our finances will allow us to emerge more agile, resilient and sustainable.
We will continue all normal day-to-day operations throughout this process and will continue to serve our customers without interruption.
This restructuring will help us create a more sustainable financial structure and ensure we are well-positioned for the future.
Information and resources
Case information: Court filings and other information related to the court-supervised proceedings are available at https://cases.primeclerk.com/SeadrillLimited.
Information line: If you have any questions about this process, please call U.S. toll free (001) 844-858-8891 or email email@example.com.