Bermudian-based offshore drilling contractor Seadrill is seeking to raise $600 million through a new bond offering as part of a plan to refinance existing debt and strengthen its capital structure.

The company announced that its wholly owned subsidiary, Seadrill Finance, intends to issue $600 million in senior unsecured notes due in 2034, subject to market conditions. The offering will be made to eligible institutional investors under exemptions from US securities registration requirements.

Proceeds from the bond sale, together with cash already on hand, will be used to redeem all outstanding 8.375 per cent senior secured second lien notes due in 2030. Seadrill said approximately $575 million of those notes remained outstanding as of March 31, 2026.

As part of the refinancing effort, Seadrill Finance has issued a conditional notice to redeem the 2030 notes. The redemption will proceed only if the company completes a financing transaction that generates at least $600 million in gross proceeds.

The move would replace secured debt carrying an 8.375 per cent interest rate with new unsecured notes maturing four years later, extending the company’s debt profile.

The proposed notes have not been registered under the US Securities Act and will be offered only to qualified institutional buyers in the United States and certain investors outside the country.

Seadrill is one of the world's leading offshore drilling contractors. The company operates a modern fleet of deepwater drilling rigs and provides drilling services to oil and gas companies worldwide.