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SFL – Update on Seadrill Restructuring | Hellenic Shipping News Worldwide hellenicshippingnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hellenicshippingnews.com Daily Mail and Mail on Sunday newspapers.
Operator Good day and thank you for standing by. Welcome to the Q1 2021 SFL Corporation earnings conference call. [Operator instructions] Please be advised that today s conference is being recorded. [Operator instructions] I would now like to hand the conference over to your speaker for today, Ole Hjertaker. Thank you. Please go ahead. Ole Hjertaker Chief Executive Officer Thank you, and welcome all to SFL s first-quarter conference call. I will start the call by briefly going through the highlights of the quarter. And following that, our CFO, Aksel Olesen, will take us through the financials, and the call will be concluded by opening up for questions. Before we begin our presentation, I would like to note that this conference call will contain forward-looking statements within the meaning of the U.S. ....
SFL – Update on Seadrill Restructuring SFL Corporation Ltd. announced yesterday that, according to public filings, Seadrill Ltd. and most of its subsidiaries (“Seadrill”) filed Chapter 11 cases in the Southern District of Texas, USA (the “Chapter 11 Proceedings”). In connection with Seadrill’s Chapter 11 Proceedings, SFL and certain of its subsidiaries have entered into agreements relating to two of the Company’s drilling rigs that are chartered to subsidiaries of Seadrill to ensure uninterrupted performance on the sub-charters to oil majors. The agreements are subject to approval by the bankruptcy court. Pursuant to these agreements, Seadrill will be allowed to use funds received from the respective sub-charterers of the rigs West Linus and West Hercules to pay a fixed level of operating and maintenance expenses. In exchange, SFL will receive approximately 75% of the lease hire under the existing charter agreements for West Linus and West Hercules, for t ....