The US Bankruptcy Court approved the amended plan of reorganization of SeaDrill Limited on April 17, 2018. The debtor has filed its amended plan in the Court on February 26, 2018. As per the amended plan, the administrative expense claims, US Trustee fees, professional fee claims and priority tax claims will be paid in full in cash.

Intercompany claims will be reinstated. The secured claims as per $1.5 billion credit agreement, $1.35 billion credit agreement, $440 million credit agreement, $400 million credit agreement, $300 million 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. AOD Credit Agreement claims against Seadrill Limited and 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. NADL revolving claim will be reinstated.

Credit Agreement Claim against NADL, Seadrill Limited and Other NADL Debtors amount to $908.3 million will have estimated recovery of 92% and will be paid pro rata share of participation in the amended credit facility. Sevan Credit Agreement Guarantee Claims against Seadrill Limited and Subsidiary Claims will receive its Pro Rata participation in the Amended Sevan Credit facility. Sevan Second Lien claim will be reinstated.

Sevan Credit Agreement subsidiary claims will receive its Pro Rata participation in the Amended Sevan Credit facility. General Unsecured Claims against Seadrill Limited amount to $3.2 billion and will have recovery of 47%. General Unsecured Claims against NADL have recovery of 33%.

General Unsecured Claims against the Newbuild Debtors and Seadrill UK Ltd. will have no recovery under the plan. General Unsecured Claims against Other Seadrill Debtors other than the Newbuild Debtors and Seadrill UK Ltd and General Unsecured Claims against Other NADL debtors will be paid in full in cash. Interests in Others Seadrill, NADL and Sevan Debtors will be reinstated.

Interests in NADL and Seven will be extinguished and shall not receive or retain any distribution. Interests in Seadrill Limited will be extinguished and shall receive its pro rata share of the equity recovery. The plan will be funded from cash on hand, issuance of $880 million in new secured notes and $200 million direct equity investment by the Commitment Parties and issuance of New Seadrill Common Shares, New NADL Common Shares and New Sevan Common Shares.