Seadrill Limited ("Seadrill or the Company") announces that it has reached an agreement with 100% of the lenders under the West Eminence Facility and the requisite majority of lenders under all of its other bank facilities to extend the West Eminence facility maturity date from December 31, 2016 to April 30, 2017.
Good progress has been made on the overall terms and structure of an agreement with our banks that will re-profile all secured credit facilities to mature in the period from 2020 to 2023, reduce our fixed amortization obligations and amend financial covenants. We have initiated engagement with bondholders and potential providers of new capital on the other key elements of our restructuring plan.
We now expect to conclude the restructuring by the end of April 2017. Extending the West Eminence facility will provide us with sufficient time to conclude these negotiations.
The Company has retained Morgan Stanley and Houlihan Lokey as financial advisors and Slaughter & May and Kirkland & Ellis as legal counsel.
About Seadrill
Seadrill is a leading offshore deepwater drilling company, aiming to be our customers' most important partner in making oil and gas available in a safe and cost-effective manner.
The company operates a versatile fleet of 69 units that comprises drillships, jack-up rigs, semi-submersible rigs and tender rigs for operations in shallow to ultra-deepwater areas in harsh and benign environments.