SeaDrill Limited filed a first amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on December 15, 2017. As per the plan, there is no other secured claim and other priority claim, and if any they will be paid in full in cash. The secured claims as per $1.5 billion credit agreement, $1.35 billion credit agreement, $950 million credit agreement, $483 million credit agreement and $1.14 billion credit agreement will have an estimated recovery of 92% of the allowed amount and will receive its Pro Rata share of participation in the Amended Credit Facility agreements, respectively.

Eminence credit agreement secured claims of $450 million will have an estimated recovery of 92% of the allowed amount and will receive its Pro Rata share of participation in the Amended Credit Facility. Nordea Credit Agreement secured claims of $450 million will have an estimated recovery of 92% of the allowed amount and will receive its Pro Rata share of participation in the Amended Credit Facility. Guarantee Facility claims shall receive their Pro Rata share of participation in the Amended Guarantee Facility.

General unsecured claims including Allowed Seadrill Limited unsecured note claims, Seadrill Limited interest rate swap claims and Seadrill Limited currency swap claims will receive 100% of its Pro Rata share of the Unsecured Pool Equity, and 100% of its Pro Rata share of the Note Rights and the Equity Rights, provided, however, that the Commitment Parties have agreed not to receive the Note Rights and Equity Rights on account of their General Unsecured Claims against Seadrill. Seadrill Limited 510(b) claims will receive its Pro Rata share of the Equity Recovery. Prepetition AOD Credit Agreement claims against other Seadrill debtors will have an estimated recovery of 92% of the allowed amount and will receive its Pro Rata share of participation in the Amended Credit Facility entered into pursuant to the Amended AOD Credit Agreement.

General Unsecured Claims against Seadrill Limited of $3.87 billion will have an estimated recovery of 26% of the allowed amount and will its Pro Rata share of the Unsecured Pool Equity, and 70% of its Pro Rata share of the Note Rights and the Equity Rights. General unsecured claims against other Seadrill debtors of $3.8 million will be reinstated or paid in full in Cash. Interests in other Seadrill debtors shall be reinstated.

Credit Agreement claim against NADL will receive its Pro Rata participation in the Amended Credit Facility. NADL revolving claim will be reinstated. General unsecured claims against NADL including NADL Guaranteed Unsecured claims and NADL Non-Guaranteed Unsecured Note claims will have an estimated recovery of 32% and will receive 70% of its Pro Rata share of the Unsecured Pool Equity, and 70% of its Pro Rata share of the Note Rights and the Equity Rights.

NADL 510(b) claims and Sevan 510(b) claims will be extinguished and shall not receive or retain any distribution. Interests in NADL and Seven will be extinguished and shall not receive or retain any distribution. Credit agreement claims against Other NADL debtors will receive its pro rata participation in the Amended Credit Facility.

General Unsecured claims against other NADL and other Sevan debtors will be reinstated or paid in full in Cash. Interest in other NADL. Sevan Credit Agreement subsidiary claims will receive its Pro Rata participation in the Amended Sevan Credit facility.

Credit Agreement claims against Sevan will receive its Pro Rata participation in the Amended Sevan Credit facility. Sevan Second Lien claim will be reinstated or released. There is no change in treatment of other claimant classes.