Seadrill announces confirmation of pre-packaged financial restructuring

Seadril and the issuer announce that the Issuer has successfully received approval from the U.S. Bankruptcy Court for the Southern District of Texas for its "one-day" chapter 11 restructuring. The Court confirmed the Issuer's chapter 11 plan of reorganization which received nearly unanimous support from existing stakeholders. The Plan provides the Issuer with financial and strategic flexibility and stability by amending and extending the Issuer's secured notes, effectuating a transfer of majority ownership of the Issuer from the wider Seadrill group to the secured noteholders, and facilitating the entry into management agreements with Seadrill for the continued provision of management services and operational support to the Issuer and its subsidiaries. The Plan also provides for the satisfaction of all trade, customer, and other non-funded debt claims in full in the ordinary course of business. Benefitting from both the new ownership structure and the continuity provided by the Seadrill group, the Issuer expects to continue to focus on maximizing value for all stakeholders from its portfolio of investments including the Seabras Sapura JV and the SeaMex group.