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Danske Bank A/S : SDRL - Seadrill Announces Forbearance Agreements

11/20/2020 | 01:02pm

Hamilton, Bermuda, November 20, 2020 - Seadrill Limited ("Seadrill" or the
"Company") (OSE:SDRL, OTCQX:SDRLF) announces that it has entered into
forbearance agreements with certain creditors in respect of the group's senior
secured credit facility agreements, as well as the leasing agreements for the
West Hercules, West Linus and West Taurus.

Pursuant to the forbearance agreements, the consenting creditors have agreed not
to exercise any voting rights to, or otherwise take actions, in respect of
certain events of default that may arise under the senior secured credit
facility agreements and leases as a result of the group not making certain
interest and charter hire payments under the group's senior secured credit
agreements and leasing arrangements, until and including the earlier of 14
December 2020
and any termination of the forbearance agreements. Forbearance has
not yet been agreed with respect to termination events that may arise under the
Company's New Secured Notes and a bilateral guarantee facility with Danske Bank.
Without a forbearance in respect of the New Secured Notes and the bilateral
guarantee facility with Danske Bank, a non-payment of interest under the
agreements covered by the forbearance agreements that have been agreed could
result in enforcement of a cross-default under such New Secured Notes and/or the
guarantee facility with Danske Bank.

The purpose of the forbearance agreements is to allow the Company and its
stakeholders more time to negotiate on the head terms of a comprehensive
restructuring of its balance sheet. Such a restructuring may involve the use of
a court-supervised process. The Company continues to evaluate capital structure
proposals from its financial stakeholders; whilst no agreement has been reached
at this point it is expected that potential solutions will lead to significant
equitization of debt which is likely to result in minimal or no recovery for
current shareholders.


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


020 3745 4960

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