SDLP – Amendments to Certain Credit Facilities
September 26 2019 - 6:00AM
London, United Kingdom, September 26, 2019 - Seadrill
Partners LLC (“Seadrill Partners” or the “Company”) announces the
successful completion of amendments to three of its secured credit
facilities (the “Facilities”) to remove a clause requiring the
Company to maintain a listing on the NYSE or the Oslo Stock
Exchange.
The amendments relate to $350 million in aggregate amounts of
debt outstanding as at June 30, 2019 secured by the West Vela, West
Polaris, T-15 and T-16. All voting lenders consented to the
amendments, far exceeding the required thresholds under each
Facility.
While these amendments have eliminated requirements under the
Facilities to be listed on an exchange, the Company intends to
appeal the previously announced NYSE delisting determination and
obtain a listing on another exchange if the appeal is not
successful. As previously announced, the Company’s common units
currently trade on the over-the-counter market under the symbol
“SDLPF.’
FORWARD LOOKING STATEMENTSThis 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 and the markets in which it operates. There can be
no assurance that the Company’s common units will continue to trade
in the OTC market, whether broker-dealers will continue to provide
public quotes of the common units in this market, or whether the
trading volume of the common units will be sufficient to provide
for an efficient trading market. The Company cannot provide
any assurance that its appeal of the NYSE’s delisting determination
will be successful or whether the common units will be listed on
another exchange. 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. Important factors that could cause actual results to
differ materially from those in the forward-looking statements
include, but are not limited to offshore drilling market conditions
including supply and demand, dayrates, customer drilling programs
and effects new rigs on the market, contract awards and rig
mobilizations, contract backlog, the performance of the drilling
units in the Company’s fleet, delay in payment or disputes with
customers, the outcome of any pending litigation, the Company’s
ability to successfully employ its drilling units, procure or have
access to financing, ability to comply with loan covenants,
liquidity and adequacy of cash flow from operations, fluctuations
in the international price of oil, changes in governmental
regulations that affect the Company or the operations of the
Company’s fleet, increased competition in the offshore drilling
industry, and general economic, political and business conditions
globally. 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 SEC. 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.
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