Thommessen has acted as legal advisor to Seadrill Limited ("Seadrill") on its restructuring pursuant to its Chapter 11 plan of reorganisation. On 22 February 2022, Seadrill announced that it has emerged from Chapter 11, after successfully completing the plan of reorganisation.
The restructuring reduces Seadrill's liabilities by $4.9 billion, and ensures that Seadrill can continue to operate its fleet of drilling units going forward. Seadrill raised $350 million in new financing pursuant to the plan of reorganisation, consisting of a first lien exit facility up to $300 million and $50 million in an unsecured convertible bond. The lenders participating in the first lien exit facility have collectively received 16.75% of new equity in the newly constituted Seadrill Limited (previously Seadrill 2021 Limited). Further, the senior secured lenders exchanged the existing debt for $683 million of second-lien takeback debt and 83% of the new equity.
As part of the restructuring process, Thommessen is also advising Seadrill on the upcoming listing of Seadrill Limited to the Euronext Expand market in Oslo, expected in the second quarter of 2022, with a subsequent uplisting to the main market of the Oslo Stock Exchange. Thommessen also advised Seadrill on the amendments to the chartering arrangements of certain drilling rigs leased from SFL Corporation Ltd.
With a restructured balance sheet, Seadrill is now well placed to continue doing what Seadrill does best: being a leading offshore driller world wide. Our warmest congratulations to the entire Seadrill team on reaching this long awaited milestone – we are truly impressed by each and everyone's hard work and dedication during this process, and it has been a pleasure working with you. We expect exceptional results from an exceptional team!
The Thommessen team was led by banking and finance partner Ellen Teresa Heyerdahl, together with corporate partner Lars Eirik Gåseide Røsås, and also included partners Hans Haugstad, Mads Haavardsholm, Kristoffer Hegdahl, Henning Harborg, Pål Lieungh, Henrik Hagberg, and Kristine Hyldmo Bjørnvik, and a team of associates lead by Maria Norum, Pernille Engstrøm Skaug and Stian Alexander Slaatta, with Linn Andrea Nordhus, Espen Krarup Kanvik, Kristin Aas Sviland, Sander Danielsen, Emilie Haakestad, Haakon Nyhus and trainees Marcus Rix, Tormod Lundh and Andreas Torp-Holte.
