Seadrill has announced the voting results for its plan of reorganisation. All voting classes of stakeholders accepted the Plan, including all 12 credit facilities and general unsecured creditors and shareholders.  Over 96% of secured lenders voted, and over 88% of secured lenders accepted the Plan.

The following is a summary of the results by class:

Based on these results, Seadrill is on track to have its Plan confirmed at the confirmation hearing scheduled for 26 October. If the Plan is confirmed by the Court on that date, Seadrill is targeting exiting chapter 11 proceedings approximately 60 days thereafter, subject to certain customary conditions, including certain antitrust approvals.

Grant Creed, CFO, commented: “The near-unanimous acceptance of the Plan by our lenders is another important step towards Seadrill’s emergence from chapter 11. This has been a long journey to deliver broad support across our creditor constituency, but I am confident that our eventual emergence will place us back at the heart of a sector collectively going through significant re-adjustment and reinforce our position as a market leader.”

The deadline for creditors to have submitted votes on the Plan was 7 October. The results are subject to ongoing review by Prime Clerk, Seadrill’s balloting agent, and remain subject to change.  Prime Clerk will file a report certifying the final voting results to the United States Bankruptcy Court for the Southern District of Texas (the “Court”) by 22 October.

Shareholders are reminded that under the Plan of Reorganisation their holding in the post emergence entity will drop to 0.25 percent.