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Seadrill prepares to rise from Chapter 11

Seadrill Limited, the offshore drilling company based in Bermuda, has announced that it anticipates soon emerging from chapter 11 bankruptcy, possibly as early as this week.

Seadrill's chapter 11 plan of reorganisation was confirmed by the US Bankruptcy Court for the Southern District of Texas last October. Since confirmation of the plan, the company said, it has been preparing to satisfy certain conditions.

On the effective date of emerging from chapter 11, it is expected that the new parent company for the Seadrill group, whose name will be changed on or about the date of emergence to Seadrill Limited, will have approximately 50 million new common shares outstanding, of which 0.25 per cent will be allocated to existing shareholders of the company.

Subject to certain approvals, the company said, the new common shares were intended to be listed on the Euronext Expand market in Oslo in the second quarter of 2022 with a subsequent uplisting to the main market of the Oslo Stock Exchange, as well as a listing on the New York Stock Exchange.

Trading in the existing shares in Seadrill at the Oslo Stock Exchange will be suspended following occurrence of the effective date of emerging from chapter 11.

Seadrill, which unlocks oil and gas resources for clients across harsh and benign locations across the globe, owns and/or operates 35 rigs, which includes drill ships, jack-ups and semi-submersibles.

Bermudian-based rig operator Seadrill will soon emerge from the chapter 11 bankruptcy process (File photograph)

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Published February 23, 2022 at 7:51 am (Updated February 23, 2022 at 7:51 am)

Seadrill prepares to rise from Chapter 11

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