Hamilton,
Bermuda, September 13, 2017 - North Atlantic Drilling Ltd.
("NADL" 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: seadrillinfo@primeclerk.com
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 filings with the Securities and Exchange
Commission, including its Annual Report on Form 20-F (File No.
001-36277). 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
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
