News & Videos - SEVAN DRILLING LTD [CHIX]

Hamilton, Bermuda, July 2 nd , 2018 - Sevan Drilling Limited ("Sevan" or the "Company"), makes reference to the announcement made by Seadrill Limited today, July 2, 2018. Further to Seadrill Limited emerging from chapter 11, the common shares in Sevan will be delisted from the Oslo Stock Exchange and cancelled in due course with no recovery for existing shareholders. FORWARD LOOKING STATEMENTS This news release includes forward looking statements. Such statements are generally not historical in...

Hamilton, Bermuda, May 4, 2018 - Reference is made to the public announcement by Sevan Drilling Ltd (the "Company") dated 16 October 2015 regarding Økokrim's investigation of the Company's subsidiary Sevan Drilling ASA in respect of payments made to agents in relation to drilling contracts originally awarded by Petrobras to Sevan Marine ASA in the period between 2005-2008. The Company has been notified that Økokrim today has completed the investigation against Sevan Drilling ASA and the...

Hamilton, Bermuda, 13 April 2018 - The Board of Sevan Drilling Limited has approved the annual accounts for 2017. Sevan Drilling Limited's annual report for 2017 is published on the corporate web site www.sevandrilling.com and on www.newsweb.no. For further information, please contact: Scott McReaken, CEO, Sevan Drilling Management AS +47 22 33 00 00 About Sevan Drilling: Sevan Drilling Ltd is an international offshore drilling contractor specializing in the ultra deepwater segment. Sevan...

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,...

Hamilton, Bermuda, September 12, 2017 - Sevan Drilling Limited ("Sevan" or the "Company"), a majority owned subsidiary of Seadrill Limited ("Seadrill" and, together with Sevan and Seadrill's other consolidated subsidiaries, the "Group"), announces today that it has entered into a restructuring agreement with more than 97 percent of the Group's secured bank lenders, approximately 40 percent of the Group's bondholders and a consortium of investors, led by Seadrill's largest shareholder, Hemen...

Highlights Second Quarter 2017 Operating revenue of USD 45.9 million EBITDA of USD 20.6 million Net loss of USD 12.7 million Subsequent Events On July 4, 2017 the Sevan Developer deferral period was extended to June 30, 2020 and Cosco refunded USD 25.3 million of the yard installment plus interest, leaving USD 1.0 million invested in the rig. On July 17, 2017 Ms. Ragnhild Wiborg resigned from the board of directors and Mr. Douglas Smith was appointed to fill the vacancy as director and audit...

Hamilton, Bermuda, August 14 th , 2017 - Sevan Drilling is scheduled to release its second quarter 2017 results on Thursday August 24 th , 2017. In connection with the earnings release, a conference call/webcast will be held as described below. A conference call will be held at 11:00 a.m. CEST on Thursday August 24 th , 2017. To listen to the management presentation of the results, the following options are available: A. Webcast In order to register to listen to the conference call, please click...

Hamilton, Bermuda, July 18, 2017 - Sevan Drilling Limited ("the Company") announces today that Ms. Ragnhild Wiborg has resigned as Director of the Company and Mr. Douglas Smith has been appointed as Director and Audit Committee Chairman with effect from July 17, 2017. Ms. Wiborg has decided to resign due to new responsibilities in other company's boards. Mr. Smith has extensive offshore drilling and finance experience and most recently served as the Chief Financial Officer of Vantage Drilling...

Hamilton, Bermuda, July 5, 2017, Sevan Drilling Ltd ("Sevan" or the "Company") announces it has amended the delivery deferral period for the Sevan Developer until June 30, 2020, effective upon receipt of $25.3 million plus interest from Cosco (Qidong) Offshore Co. Limited ("Cosco"). Receipt is expected by July 31, 2017. During the extended delivery deferral period, Sevan may continue marketing the rig for an acceptable drilling contract where financing could be secured to allow delivery. Cosco...

Hamilton, Bermuda, May 31, 2017, Sevan Drilling Ltd ("Sevan" or the "Company") announces the delivery deferral agreement for the Sevan Developer was further deferred to June 30, 2017 to complete and finalize negotiations. Other terms of the deferral agreement have not been amended, including the right to refund the final investment. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This announcement is distributed by...

Highlights First Quarter 2017 Economic Utilization of 97.0% Operating revenue of USD 55.1 million EBITDA of USD 25.4 million Net loss of USD 7.5 million Subsequent Events On April 27, 2017, the delivery deferral agreement for the Sevan Developer was deferred to May 31, 2017 to finalize negotiations. Financial performance summary For the Three months ended March 31, 2017 Operating revenue Operating revenue was USD 55.1 million (Q1 2016: USD 52.8 million). The increase in revenue is primarily due...

Hamilton, Bermuda, May 17 th , 2017 - Sevan Drilling is scheduled to release its first quarter 2017 results on Wednesday May 24 th , 2017. In connection with the earnings release, a conference call/webcast will be held as described below. A conference call will be held at 11:00 a.m. CEST on Wednesday May 24 th , 2017. To listen to the management presentation of the results, the following options are available: A. Webcast In order to register to listen to the conference call, please click this...

Hamilton, Bermuda, 27 April 2017 - The Board of Sevan Drilling Limited has approved the annual accounts for 2016. Except for minor adjustments, there are no changes in the income statement or equity compared with the preliminary annual figures presented in connection with the Q4 announcement on 28 February 2017. Sevan Drilling Limited's annual report for 2016 will be published on the corporate web site www.sevandrilling.com and on www.newsweb.no . For further information, please contact: Scott...

Hamilton, Bermuda, April 4, 2017 - Sevan Drilling ("Sevan or the Company") a majority owned subsidiary of Seadrill Limited, announces today that Seadrill Limited, on behalf of Sevan and other relevant companies, and its banking group have agreed to extend a series of key dates as part of Seadrill Limited ongoing restructuring efforts. Seadrill Limited has reached an agreement to extend the milestone to implement a restructuring plan from 30 April to 31 July 2017 and also to extend the related...

Highlights Fourth Quarter 2016 Economic Utilization of 98.4% Operating revenue of USD 63.4 million EBITDA of USD 29.3 million Net loss of USD 12.1 million Financial performance summary For the three months ended December 31, 2016 Operating revenue Operating revenue was USD 63.4 million (Q4 2015: USD 85.9 million). The decrease in revenue is primarily due to the Sevan Driller being idle during Q4 2016, in addition to the Sevan Brasil operating at a lower day rate during 2016. Loss of hire revenue...

Hamilton, Bermuda, February 22, 2017 - Sevan Drilling reschedules release of its fourth quarter and preliminary 2016 results to Tuesday February 28 th , 2017 to align with the rescheduled release date of Seadrill Limited. For further information, please contact: Scott McReaken, CEO, Sevan Drilling Management AS About Sevan Drilling: Sevan Drilling Limited is an international offshore drilling contractor specializing in the ultra deepwater segment. Sevan Drilling Limited is listed on Oslo Børs....

Hamilton, Bermuda, February 13 th , 2017 - Sevan Drilling is scheduled to release its fourth quarter and preliminary 2016 results on Thursday February 23 rd , 2017. In connection with the earnings release, a conference call/webcast will be held as described below. A conference call will be held at 11:00 a.m. CET on Thursday February 23 rd , 2017. To listen to the management presentation of the results, the following options are available: A. Webcast In order to register to listen to the...

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Bermuda, 21 December 2016 - Sevan Drilling Limited ("Sevan" or "the Company") today announces the appointment of Ms. Elin Karfjell and Mr. Scott McReaken as Directors of the Company, and the 2017 financial calendar. Ms. Karfjell is currently Managing Partner of of Atelika AS and has previously held various management positions across a broad range of industries. Prior to her current role, Ms. Karfjell served as Chief Executive Officer of Fabi Group, Director of Finance and Administration at Atea...

Highlights Third Quarter 2016 Economic Utilization of 99.4% Operating revenue of USD 59.6 million EBITDA of USD 20.2 million Non-cash asset impairment charge of USD 37.5 million Net loss of USD 53.1 million Subsequent Events On October 14, 2016 Sevan Developer exercised the third six-month option of the delivery deferral agreement with Cosco Shipyard, which extends the deferral period to April 15, 2017. Financial performance summary For the three months ended September 30, 2016 Operating revenue...