HAMILTON from Bermuda, August 8, 2021 / PRNewswire / – Seadrill Limited (“Seadrill” or “the Company”) (OSE: SDRL) (OTCPK: SDRLF) announces that the Company has entered into a settlement agreement with Northern Ocean Ltd. (“NOL”) primarily with respect to unpaid balances of the preparation by Seadrill of the West Mira and West Bollsta platforms. The Settlement Agreement terminates all outstanding balances, claims and counterclaims between the Companies and their respective subsidiaries by way of set-off as full and final settlement. In addition, the settlement agreement provides that Seadrill will provide certain transition services to any potential new manager relating to the NOL platforms and requires Seadrill to recommence the bareboat lease payments for the West Bollsta platform from August 10, 2021, in parallel with the continued operation of the platform by Seadrill under the Lundin contract.

The settlement agreement is subject to certain conditions including, but not limited to, obtaining US bankruptcy court approval under Seadrill Chapter 11 protection.

Grant the Creed, CFO, said: “Closing this uncertainty regarding claims and counterclaims with NOL is an important precondition for Seadrill to proceed with its Chapter 11 filing. Shareholders should take note of the reorganization plan filed with of the Court on July 24, 2021 leads to substantial debt shareholding, which means existing shareholders receive virtually no clawback for their existing shares. “

About Seadrill

Seadrill is a leading offshore drilling contractor using cutting edge technology to unlock oil and gas resources for clients in difficult and benign locations around the world. Seadrill’s high-quality and state-of-the-art fleet covers all asset classes, enabling its experienced crews to operate in shallow or ultra-deep water environments. The Company operates 24 platforms, which include drill ships, jackups and semi-submersibles.

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

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. Such statements are generally not historical in nature and specifically include statements about plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts. These statements are made on the basis of management’s current plans, expectations, assumptions and beliefs regarding future events affecting the Company and therefore involve a number of risks, uncertainties and assumptions that could result in that actual results differ materially from those expressed or implied in forward-looking statements. statements, which speak only as of the date of this press release. Therefore, no forward-looking statement can be guaranteed. When reviewing these forward-looking statements, you should keep in mind the risks described from time to time in the regulatory documents and periodic reports of the Company. The Company assumes no obligation to update forward-looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unforeseen events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. In addition, the Company cannot assess the impact of each of these factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.

This information is subject to disclosure requirements in accordance with Section 5-12 of the Norwegian Securities Law.

CONTACT:
[email protected]
020 3745 4960

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SOURCE Seadrill Limited


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