Sevan Drilling AS
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Sevan Drilling : Sevan Receives Court Approval of "First Day" Motions

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09/14/2017 | 01:38 am




Hamilton, Bermuda, September 13, 2017 - Sevan Drilling Limited ("Sevan" or the
"Company"), a majority owned subsidiary of Seadrill Limited, announces today
that the court overseeing the Company's chapter 11 restructuring proceedings has
granted the relief requested by the Company in its key first-day motions related
to ordinary course business activities.  The approved motions give the Company
the authority to, among other things, continue to pay employee wages and
benefits without interruption, continue to utilize its cash management system
and continue to pay all suppliers and vendors in full under normal terms.

The Company intends to meet its obligations in the ordinary course and expects
its operations to continue uninterrupted throughout the reorganization process.

Court filings and other information related to the restructuring proceedings are
available at a website administered by the Company's claims agent, Prime Clerk,
at https://cases.primeclerk.com/seadrill or via the information call center
at 844-858-8891 (US toll free) or the following international numbers:

Brazil Toll Free: 0-800-591-8054
Mexico Toll Free: 01-800-681-5354
Nigeria Toll Free: 070-80601847
Norway Toll Free: 800-25-030
Saudi Arabia Toll Free: 800-850-0029
Singapore Toll Free: 800-492-2272
Thailand Toll Free: 1-800-011-156
UAE Toll Free: 8000-3570-4559
UK Toll Free: 0-800-069-8580

This press release is not intended to be, and should not in any way be construed
as, a solicitation of votes of bondholders or other investors regarding the
chapter 11 plan.

CONTACT:

Prime Clerk

US Toll Free: 844-858-8891

Brazil Toll Free: 0-800-591-8054
Mexico Toll Free: 01-800-681-5354
Nigeria Toll Free: 070-80601847
Norway Toll Free: 800-25-030
Saudi Arabia Toll Free: 800-850-0029
Singapore Toll Free: 800-492-2272
Thailand Toll Free: 1-800-011-156
UAE Toll Free: 8000-3570-4559
UK Toll Free: 0-800-069-8580

Email: [email protected]

FORWARD LOOKING STATEMENTS

This news release includes forward looking statements. Such statements are
generally not historical in nature, and specifically include statements about
the Company's plans, strategies, business prospects, changes and trends in its
business, the markets in which it operates and its restructuring efforts. These
statements are made based upon management's current plans, expectations,
assumptions and beliefs concerning future events impacting the Company and
therefore involve a number of risks, uncertainties and assumptions that could
cause actual results to differ materially from those expressed or implied in the
forward-looking statements, which speak only as of the date of this news
release. Consequently, no forward-looking statement can be guaranteed. When
considering these forward-looking statements, you should keep in mind the risks
described from time to time in the Company's annual report. The Company
undertakes no obligation to update any forward looking statements to reflect
events or circumstances after the date on which such statement is made or to
reflect the occurrence of unanticipated events. New factors emerge from time to
time, and it is not possible for the Company to predict all of these factors.
Further, the Company cannot assess the impact of each such factor on its
business or the extent to which any factor, or combination of factors, may cause
actual results to be materially different from those contained in any forward
looking statement.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Sevan Drilling ASA via GlobeNewswire



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