Seadrill expects to emerge from the Chapter 11 bankruptcy process this month, likely prior to the end of this week. Seadrill’s Chapter 11 plan of reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on Oct. 26, 2021. Since confirmation of the plan, the company has been preparing to satisfy conditions precedent in order to emerge.
On the effective date of emerging from Chapter 11, it is expected that the new parent company for the Seadrill group, whose name will be changed on or about the date of emergence to Seadrill Limited, will have approximately 50 million new common shares outstanding, of which 0.25% will be allocated to existing shareholders of the company. Subject to certain approvals, the new common shares are intended to be listed on the Euronext Expand market in Oslo in the second quarter of 2022 with a subsequent uplisting to the main market of the Oslo Stock Exchange, as well as a listing on the New York Stock Exchange. Trading in the existing shares in Seadrill at the Oslo Stock Exchange will be suspended following occurrence of the effective date of emerging from Chapter 11.