Seadrill New Finance Emerges from Chapter 11

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Seadrill Limited unit Seadrill New Finance (the Issuer) has emerged from chapter 11 after successfully completing its pre-packaged restructuring pursuant to its chapter 11 plan of reorganization.

The Plan was confirmed by the United States Bankruptcy Court for the Southern District of Texas on January 12, 2022. All conditions precedent to the restructuring contemplated by the Plan have been satisfied or otherwise waived, Seadrill said.

According to the company, Seadrill New Finance Limited will shortly be renamed Paratus Energy Services Ltd.

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