AOD Cash Utilisation

Source: www.gulfoilandgas.com 12/16/2020, Location: South America

The Board of Seadrill Limited has been informed that the lenders in the AOD facility (under which Asia Offshore Rig 1 Limited, Asia Offshore Rig 2 Limited and Asia Offshore Rig 3 Limited are borrowers) have utilised $97.2 million of AOD's cash contained in restricted accounts secured against their facility to repay a corresponding amount of the $210 million debt outstanding as of today. This leaves $112.8 million of such debt outstanding going forward. The AOD facility maintains sufficient cash to support AOD's operations and this event will have no impact to continued operations.

The face value of the net debt on the balance sheet remains unchanged as a result of this action and Seadrill maintains its strong liquidity position as it progresses in discussions with the broader group of lenders. The Company’s cash balance remains sufficient to manage liquidity requirements through a formal restructuring process. At the close of third quarter 2020, Seadrill had a total cash balance of $851m including the cash in the AOD companies.

The Company continues constructive dialogue with its lenders and maintains its readiness to carry out a comprehensive restructuring of its balance sheet which may involve the use of a court-supervised process. It is expected that potential solutions will lead to significant equitization of debt which is likely to result in minimal or no recovery for current shareholders.


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