Seadrill Agrees to Debt-for-Equity Exchange


Seadrill announced that it has entered into a privately negotiated exchange agreement with certain holders of its outstanding 5-5/8% Senior Notes due 2017 (the “2017 Notes”), pursuant to which the Company has agreed to issue a total of 8,184,340 new shares of its common stock, par value $2.00 per share, in exchange for $55.0 million principal amount of the 2017 Notes in accordance with Section 3(a)(9) of the U.S. Securities Act of 1933, as amended (the “Exchange”).

Settlement is expected to occur on May 20, 2016, upon which the Company will have a total of 500,944,280 shares of its common stock issued and outstanding.



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