Seadrill hopes to emerge from Chapter 11 by end of Feb. 21 week

By Sarah Lizee

Olympia, Wash., Feb. 22 – Seadrill Ltd. anticipates emerging from Chapter 11 this month, likely prior to the end of the Feb. 21 week, according to a press release issued Monday.

As previously reported, Seadrill’s Chapter 11 plan of reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on Oct. 26.

Since confirmation of the plan, the company said it has been preparing to satisfy conditions precedent in order to emerge.

On the effective date, 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 Ltd., will have about 50 million new common shares outstanding, of which 0.25% will be allocated to existing shareholders of the company.

Subject to approvals, the new common shares are 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.

London-based offshore drilling company Seadrill filed Chapter 11 bankruptcy on Feb. 7, 2021 under case number 21-30427.

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