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    SDRLF   BMG7998G1069


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Seadrill : New Finance Limited (the "Issuer") - Update on Restructuring Discussions and SeaMex Ltd Joint Venture

06/11/2021 | 02:41pm EDT
Hamilton, Bermuda | June 11, 2021 - Seadrill Limited ("Seadrill" or the
"Company") (OSE: SDRL, OTCPK:SDRLF) and the Issuer announce that restructuring
discussions have continued with certain holders (the "Noteholders") of the
Issuer's 12.0% senior secured notes due 2025 (the "Notes") and good progress
continues to be made. 

The restructuring discussions include SeaMex Ltd ("SeaMex"), a 50/50 joint
venture which Seadrill established with an investment fund controlled by Fintech
Holdings Limited ("Fintech") in 2014.

The Issuer has agreed in principle the key terms of a restructuring proposal in
relation to SeaMex with a majority of the Noteholders and which provides for a
refinancing of the secured bank debt of SeaMex. The key terms of this proposal

materially deleveraging SeaMex's balance sheet by equitizing all or a
significant proportion of the approximately $454 million of subordinated debt
controlled by the Issuer; and
injecting short-term liquidity into SeaMex in order to bridge towards a
refinancing of SeaMex's senior bank debt as part of a comprehensive
restructuring of SeaMex's balance sheet.
Seamexholding International, Inc. (a wholly owned subsidiary of Fintech) served
a petition to place SeaMex under provisional liquidation in Bermuda. In the
absence of a consensual agreement with Fintech on restructuring terms, the
Issuer and a significant majority of the financial creditors of SeaMex are
nominating their own provisional liquidators in order to be able to implement a
creditor supported restructuring of SeaMex to maximise value for creditors and
other stakeholders.  The need for the provisional liquidation and restructuring
has arisen as a result of Petróleos Mexicanos ("Pemex") not having paid material
receivables to SeaMex over a prolonged period of time as well as an objective to
deleverage SeaMex's balance sheet.

The financial creditors of SeaMex remain fully supportive of SeaMex. Such a
restructuring is only at the SeaMex holding company level and will not impact
the operational activities of the business. There will similarly be no impact to
employees, customers or suppliers.  Any use of a court supervised process in
Bermuda will benefit from funding and result in an orderly restructuring of
SeaMex's balance sheet for the benefit of all stakeholders, including employees,
customers and suppliers.

About Seadrill

Seadrill is a leading offshore drilling contractor utilizing advanced technology
to unlock oil and gas resources for clients across harsh and benign locations
across the globe. Seadrill's high quality, technologically advanced fleet spans
all asset classes allowing its experienced crews to conduct its operations from
shallow to ultra-deep-water environments. The company operates 43 rigs, which
includes drillships, jack-ups and semi-submersibles.

Seadrill is listed on the Oslo Børs and OTC Pink markets. For more information,
visit https://www.seadrill.com/.


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

For further information, please contact: 
Media questions should be directed to:  
Iain Cracknell, Director of Communications 		 
+44 (0)7765 221 812 

Analyst questions should be directed to: 
Hawthorn Advisors 	 
+44 (0)203 7454960

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Sales 2021 1 026 M - -
Net income 2021 -794 M - -
Net Debt 2021 6 636 M - -
P/E ratio 2021 -0,03x
Yield 2021 -
Capitalization 22,1 M 22,1 M -
EV / Sales 2021 6,49x
EV / Sales 2022 6,10x
Nbr of Employees 3 175
Free-Float 72,5%
Duration : Period :
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Mean consensus SELL
Number of Analysts 3
Average target price
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Stuart Robert Jackson Chief Executive Officer
Grant Russel Creed Chief Financial Officer
Leif Nelson Chief Operating Officer
Birgit Aagaard-Svendsen Independent Director
Hermann Refsum Flinder Independent Director
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