SEADRILL Ltd 8-K

What Happened

• SEADRILL Ltd (filed as Seadrill Limited) announced on June 16, 2026 that Seadrill Finance Limited and related parties entered into Amendment No. 2 to its Senior Secured Revolving Credit Agreement. The amendment, which is expected to become effective upon satisfaction or waiver of conditions (anticipated June 30, 2026), modifies the company’s revolving credit facility.

Key Details

• Increased revolving commitments from $225 million to $300 million.
• Extended the stated maturity date of the facility from 2028 to 2031.
• Removed certain immaterial subsidiaries as guarantors and certain stacked vessels as collateral, per the amendment’s terms.
• Modified commitment fees and amended certain restrictive covenants to provide greater operational and financial flexibility.
• The amendment names J.P. Morgan SE (predecessor administrative agent), JPMorgan Chase Bank, N.A. (successor administrative agent), and GLAS Trust Company LLC (common security agent). A copy of the amendment is filed as Exhibit 10.1.

Why It Matters

• For investors, the changes increase available liquidity (higher commitment) and push out near‑term refinancing needs (maturity extended to 2031), which can reduce short-term debt pressure.
• Loosening covenants and removing certain smaller guarantors/collateral can give Seadrill more operational flexibility and simplify its secured structure.
• The amendment is subject to conditions to effectiveness, so terms do not take effect until those conditions are met (expected June 30, 2026).