Seadrill New Finance Limited – non-payment of cash interest
Hamilton, Bermuda, January 15, 2021(OSE:SDRL, OTCQX:SDRLF) Seadrill New Finance Limited, a company incorporated in Bermuda in 2018 and issuer of the 12.0% senior secured notes due 2025 (the “Notes”), has determined not to make the semi-annual 4% cash interest payment due to the senior secured noteholders on 15 January 2021 in respect of their Notes issued pursuant to the terms of the notes indenture dated 2 July 2018. The payment-in-kind (PIK) interest payment is being made in the ordinary course. Discussions continue between Seadrill Limited and its creditors and/or their advisers to