Offshore entity returns to NYSE

While Seadrill (SDRL) falls outside the boundary of traditional shipping, when updating the board purpose, I did add “and/or related to the maritime sector”
From that perspective, I think Seadrill qualifies as a discussion topic.

Offshore driller Seadrill (SDRL) has undergone not one, but two bankruptcies in the last 4.5 years. The second bankruptcy resulted in a de-listing from the NYSE. But now, the company has secured a re-listing on the NYSE.

Seadrill, as a company, is a shell of its old self as it has shed a lot of assets, and a lot of debt. IIRC, when Seadrill emerged from its 2nd bankruptcy, it owned (or partially owned) about 25 drilling assets and their debt was under $1B. The company has done some additional “clean-up”

  1. The company used to manage a drilling rig and a jack-up rig for SFL. The management contracts for those two assets have been transferred to a third party.
  2. Seadrill recently sold 7 of their jack-up rigs to a Saudi firm (ADES) for around $700M
  3. Seadrill just announced plans to sell some non-core assets
    Seadrill Limited announces sale of shareholding in Paratus Energy Services Limited

No $$ amount assigned to the third event.

What’s left at Seadrill?
About 9 floaters (6 drillships, 3 Semi-submersible rigs) and 5 jack-up rigs, and a management contract/JV involving two Angolan drillship. I think one of Seadrill’s owned assets is also part of the JV.

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