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Seadrill Bankruptcy Plan Filed

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Seadrill filed with the U.S. Bankruptcy Court a Second Amended Joint Chapter 11 Plan (as Modified), which notes, “The issuance of the New Shares shall be authorized without the need for any further corporate action and without any further action by the holders of any Claims or Interests. On the Effective Date, applicable holders of Claims and Interests shall receive the New Seadrill Common Shares in exchange for their respective claims….On the Effective Date, New Seadrill will issue 25 percent of the New Seadrill Common Shares, plus any Excess New Seadrill Common Shares, subject to dilution by the Employee Incentive Plan and the Primary Structuring Fee, in exchange for $200 million in Cash on the terms set forth in the Investment Agreement and this Plan.”

In addition, “On the Effective Date, New Seadrill will issue 57.5 percent of the New Seadrill Common Shares to the purchasers of the New Secured Notes on a pro rata basis in accordance with the amount of New Secured Notes issued to such purchasers, subject to dilution by the Employee Incentive Plan and Primary Structuring Fee on the terms set forth in the Investment Agreement and this Plan. On the Effective Date, New Seadrill will issue 5 percent of the New Seadrill Common Shares to Hemen on account of the Primary Structuring Fee, subject to dilution by the Employee Incentive Plan, and 0.5 percent of the New Seadrill Common Shares to the Select Commitment Parties on a pro rata basis in accordance with each Select Commitment Party’s respective equity commitment percentage, subject to dilution by the Employee Incentive Plan and the Primary Structuring Fee, in each case as set forth in the Investment Agreement.”

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