SDRL · SEADRILL Ltd · Debt

Verified covenant terms

• Section 5.02(b) · When Guarantors May Merge or Transfer Assets (b) either (x) the Guarantor is the continuing Person or (y) the resulting, surviving or transferee Person (such Guarantor or such Person, as the case may be, the “Successor Guarantor”) expressly assumes all of the obligations of the Guarantor under its Note Guaranty and this Indenture by supplemental indentures or other documents and instruments; and immediately after giving effect to the transaction, no Default has occurred and is continuing; or Applies to every series under this agreement Section 5.02. When Guarantors May Merge or Transfer Assets.
  Full wording and supporting evidence

  Source evidence: (b) either (x) the Guarantor is the continuing Person or (y) the resulting, surviving or transferee Person (such Guarantor or such Person, as the case may be, the “Successor Guarantor”) expressly assumes all of the obligations of the Guarantor under its Note Guaranty and this Indenture by supplemental indentures or other documents and instruments; and immediately after giving effect to the transaction, no Default has occurred and is continuing; or

  Target identity evidence: INDENTURE, dated as of June 30, 2026, among SEADRILL FINANCE LIMITED, an exempted company incorporated under the laws of Bermuda (the “Issuer”), SEADRILL LIMITED, an exempted company incorporated under the laws of Bermuda (the “Company”), as a Guarantor (as defined herein), the other Guarantors from time to time party hereto and GLAS TRUST COMPANY LLC, as trustee (in such capacity, the “Trustee”).

  Target identity evidence: The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance on the date hereof of $700,000,000 aggregate principal amount of the Issuer’s 6.750% Senior Notes due 2034 (the “Original Notes”)

• Section 5.02(c) · When Guarantors May Merge or Transfer Assets the transaction constitutes a sale or other disposition (including by way of consolidation, amalgamation, winding-up, liquidating or merger) of the Guarantor or the sale or disposition of all or substantially all the Property of the Guarantor (in each case other than to the Company or a Restricted Subsidiary) otherwise permitted by this Indenture Applies to every series under this agreement Exceptions: in each case other than to the Company or a Restricted Subsidiary Section 5.02. When Guarantors May Merge or Transfer Assets.
  Full wording and supporting evidence

  Source evidence: (c) the transaction constitutes a sale or other disposition (including by way of consolidation, amalgamation, winding-up, liquidating or merger) of the Guarantor or the sale or disposition of all or substantially all the Property of the Guarantor (in each case other than to the Company or a Restricted Subsidiary) otherwise permitted by this Indenture.

  Target identity evidence: INDENTURE, dated as of June 30, 2026, among SEADRILL FINANCE LIMITED, an exempted company incorporated under the laws of Bermuda (the “Issuer”), SEADRILL LIMITED, an exempted company incorporated under the laws of Bermuda (the “Company”), as a Guarantor (as defined herein), the other Guarantors from time to time party hereto and GLAS TRUST COMPANY LLC, as trustee (in such capacity, the “Trustee”).

  Target identity evidence: The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance on the date hereof of $700,000,000 aggregate principal amount of the Issuer’s 6.750% Senior Notes due 2034 (the “Original Notes”)

• Section 6.01(c) · Events of Default (c) failure by the Issuer or any Guarantor to comply with any other covenant or agreement in the Notes or in this Indenture (other than a failure that is the subject of the foregoing clause (a) or (b)) and such failure continues for 60 days after written notice is received by the Issuer as provided below; provided that in the case of a failure to comply with Section 4.03, such period shall be 180 days after written notice has been so received; Applies to every series under this agreement Springing Trigger: written notice is received by the Issuer as provided below Defined terms:
  • Event of Default: The following events shall be Events of Default (each, an “Event of Default”):

    Source evidence: The following events shall be Events of Default (each, an “Event of Default”):

  Section 6.01. Events of Default.
  Full wording and supporting evidence

  Source evidence: (c) failure by the Issuer or any Guarantor to comply with any other covenant or agreement in the Notes or in this Indenture (other than a failure that is the subject of the foregoing clause (a) or (b)) and such failure continues for 60 days after written notice is received by the Issuer as provided below; provided that in the case of a failure to comply with Section 4.03, such period shall be 180 days after written notice has been so received;

  Target identity evidence: INDENTURE, dated as of June 30, 2026, among SEADRILL FINANCE LIMITED, an exempted company incorporated under the laws of Bermuda (the “Issuer”), SEADRILL LIMITED, an exempted company incorporated under the laws of Bermuda (the “Company”), as a Guarantor (as defined herein), the other Guarantors from time to time party hereto and GLAS TRUST COMPANY LLC, as trustee (in such capacity, the “Trustee”).

  Target identity evidence: The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance on the date hereof of $700,000,000 aggregate principal amount of the Issuer’s 6.750% Senior Notes due 2034 (the “Original Notes”)

• Section 6.01(e) · Events of Default (e) any judgment or judgments for the payment of money in an aggregate amount in excess of $75,000,000 (or its foreign currency equivalent at the time) (net of amounts covered by insurance or bonded) that shall be rendered against the Issuer, any Guarantor or any Significant Subsidiary and that shall not be waived, satisfied, annulled, discharged or rescinded for any period of 60 consecutive days during which a stay of enforcement shall not be in effect; Applies to every series under this agreement Defined terms:
  • Event of Default: The following events shall be Events of Default (each, an “Event of Default”):

    Source evidence: The following events shall be Events of Default (each, an “Event of Default”):

  Section 6.01. Events of Default.
  Full wording and supporting evidence

  Source evidence: (e) any judgment or judgments for the payment of money in an aggregate amount in excess of $75,000,000 (or its foreign currency equivalent at the time) (net of amounts covered by insurance or bonded) that shall be rendered against the Issuer, any Guarantor or any Significant Subsidiary and that shall not be waived, satisfied, annulled, discharged or rescinded for any period of 60 consecutive days during which a stay of enforcement shall not be in effect;

  Target identity evidence: INDENTURE, dated as of June 30, 2026, among SEADRILL FINANCE LIMITED, an exempted company incorporated under the laws of Bermuda (the “Issuer”), SEADRILL LIMITED, an exempted company incorporated under the laws of Bermuda (the “Company”), as a Guarantor (as defined herein), the other Guarantors from time to time party hereto and GLAS TRUST COMPANY LLC, as trustee (in such capacity, the “Trustee”).

  Target identity evidence: The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance on the date hereof of $700,000,000 aggregate principal amount of the Issuer’s 6.750% Senior Notes due 2034 (the “Original Notes”)

• Section 6.01(h) · Events of Default (h) except as permitted under this Indenture, any Note Guaranty of any Guarantor that is a Significant Subsidiary ceases to be in full force and effect, other than in accordance with the terms of this Indenture, or a Guarantor that is a Significant Subsidiary denies in writing its obligations under its Note Guaranty (other than by reason of the termination or discharge of this Indenture or the release of any such Note Guaranty in accordance with this Indenture) if, and only if, in each such case, such… Applies to every series under this agreement Springing Trigger: written notice is received by the Company as provided below Defined terms:
  • Event of Default: The following events shall be Events of Default (each, an “Event of Default”):

    Source evidence: The following events shall be Events of Default (each, an “Event of Default”):

  Section 6.01. Events of Default.
  Full wording and supporting evidence

  Source evidence: (h) except as permitted under this Indenture, any Note Guaranty of any Guarantor that is a Significant Subsidiary ceases to be in full force and effect, other than in accordance with the terms of this Indenture, or a Guarantor that is a Significant Subsidiary denies in writing its obligations under its Note Guaranty (other than by reason of the termination or discharge of this Indenture or the release of any such Note Guaranty in accordance with this Indenture) if, and only if, in each such case, such default continues for 10 days after written notice is received by the Company as provided below.

  Target identity evidence: INDENTURE, dated as of June 30, 2026, among SEADRILL FINANCE LIMITED, an exempted company incorporated under the laws of Bermuda (the “Issuer”), SEADRILL LIMITED, an exempted company incorporated under the laws of Bermuda (the “Company”), as a Guarantor (as defined herein), the other Guarantors from time to time party hereto and GLAS TRUST COMPANY LLC, as trustee (in such capacity, the “Trustee”).

  Target identity evidence: The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance on the date hereof of $700,000,000 aggregate principal amount of the Issuer’s 6.750% Senior Notes due 2034 (the “Original Notes”)

• Section 6.01(d) · Events of Default a default under any Debt by the Company or any Restricted Subsidiary that results in acceleration of the maturity of that Debt, or failure to pay any Debt at maturity, in an aggregate amount greater than $75,000,000 Applies to every series under this agreement Defined terms:
  • Event of Default: The following events shall be Events of Default (each, an “Event of Default”):

    Source evidence: The following events shall be Events of Default (each, an “Event of Default”):

  Section 6.01. Events of Default.
  Full wording and supporting evidence

  Source evidence: (d) a default under any Debt by the Company or any Restricted Subsidiary that results in acceleration of the maturity of that Debt, or failure to pay any Debt at maturity, in an aggregate amount greater than $75,000,000 or its foreign currency equivalent at the time;

  Target identity evidence: INDENTURE, dated as of June 30, 2026, among SEADRILL FINANCE LIMITED, an exempted company incorporated under the laws of Bermuda (the “Issuer”), SEADRILL LIMITED, an exempted company incorporated under the laws of Bermuda (the “Company”), as a Guarantor (as defined herein), the other Guarantors from time to time party hereto and GLAS TRUST COMPANY LLC, as trustee (in such capacity, the “Trustee”).

  Target identity evidence: The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance on the date hereof of $700,000,000 aggregate principal amount of the Issuer’s 6.750% Senior Notes due 2034 (the “Original Notes”)

• Section 6.01(a) · Events of Default failure to make the payment of any interest on the Notes when the same becomes due and payable, and that failure continues for a period of 30 days Applies to every series under this agreement Defined terms:
  • Event of Default: The following events shall be Events of Default (each, an “Event of Default”):

    Source evidence: The following events shall be Events of Default (each, an “Event of Default”):

  Section 6.01. Events of Default.
  Full wording and supporting evidence

  Source evidence: (a) failure to make the payment of any interest on the Notes when the same becomes due and payable, and that failure continues for a period of 30 days;

  Target identity evidence: INDENTURE, dated as of June 30, 2026, among SEADRILL FINANCE LIMITED, an exempted company incorporated under the laws of Bermuda (the “Issuer”), SEADRILL LIMITED, an exempted company incorporated under the laws of Bermuda (the “Company”), as a Guarantor (as defined herein), the other Guarantors from time to time party hereto and GLAS TRUST COMPANY LLC, as trustee (in such capacity, the “Trustee”).

  Target identity evidence: The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance on the date hereof of $700,000,000 aggregate principal amount of the Issuer’s 6.750% Senior Notes due 2034 (the “Original Notes”)

• Section 6.01(b) · Events of Default failure to make the payment of any principal of, or premium, if any, on, any of the Notes when the same becomes due and payable at its Stated Maturity Applies to every series under this agreement Defined terms:
  • Event of Default: The following events shall be Events of Default (each, an “Event of Default”):

    Source evidence: The following events shall be Events of Default (each, an “Event of Default”):

  Section 6.01. Events of Default.
  Full wording and supporting evidence

  Source evidence: (b) failure to make the payment of any principal of, or premium, if any, on, any of the Notes when the same becomes due and payable at its Stated Maturity, upon acceleration, redemption, optional redemption, required repurchase or otherwise;

  Target identity evidence: INDENTURE, dated as of June 30, 2026, among SEADRILL FINANCE LIMITED, an exempted company incorporated under the laws of Bermuda (the “Issuer”), SEADRILL LIMITED, an exempted company incorporated under the laws of Bermuda (the “Company”), as a Guarantor (as defined herein), the other Guarantors from time to time party hereto and GLAS TRUST COMPANY LLC, as trustee (in such capacity, the “Trustee”).

  Target identity evidence: The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance on the date hereof of $700,000,000 aggregate principal amount of the Issuer’s 6.750% Senior Notes due 2034 (the “Original Notes”)

• Section 6.02 · Acceleration If an Event of Default with respect to the Notes (other than an Event of Default specified in Sections 6.01(f) or 6.01(g) with respect to the Issuer or any Guarantor) shall have occurred and be continuing, the Trustee or the Holders of not less than 25% in aggregate principal amount of Notes then outstanding may, by notice to the Issuer (and to the Trustee if such notice is given by the Holders), declare to be immediately due and payable the principal amount of all the Notes then outstanding, plus accrued… Applies to every series under this agreement Exceptions: other than an Event of Default specified in Sections 6.01(f) or 6.01(g) with respect to the Issuer or any Guarantor Defined terms:
  • Event of Default: The following events shall be Events of Default (each, an “Event of Default”):

    Source evidence: The following events shall be Events of Default (each, an “Event of Default”):

  Section 6.02. Acceleration.
  Full wording and supporting evidence

  Source evidence: If an Event of Default with respect to the Notes (other than an Event of Default specified in Sections 6.01(f) or 6.01(g) with respect to the Issuer or any Guarantor) shall have occurred and be continuing, the Trustee or the Holders of not less than 25% in aggregate principal amount of Notes then outstanding may, by notice to the Issuer (and to the Trustee if such notice is given by the Holders), declare to be immediately due and payable the principal amount of all the Notes then outstanding, plus accrued but unpaid interest to the date of acceleration.

  Target identity evidence: INDENTURE, dated as of June 30, 2026, among SEADRILL FINANCE LIMITED, an exempted company incorporated under the laws of Bermuda (the “Issuer”), SEADRILL LIMITED, an exempted company incorporated under the laws of Bermuda (the “Company”), as a Guarantor (as defined herein), the other Guarantors from time to time party hereto and GLAS TRUST COMPANY LLC, as trustee (in such capacity, the “Trustee”).

  Target identity evidence: The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance on the date hereof of $700,000,000 aggregate principal amount of the Issuer’s 6.750% Senior Notes due 2034 (the “Original Notes”)

• Section 6.04 · Waiver of Past Defaults The Holders of a majority in aggregate principal amount of the Notes then outstanding (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes) by notice to the Trustee may waive an existing Default and its consequences except (i) a Default in the payment of the principal of or premium, if any, or interest on a Note or (ii) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Noteholder adversely… Applies to every series under this agreement Exceptions: except (i) a Default in the payment of the principal of or premium, if any, or interest on a Note or (ii) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Noteholder adversely affected Section 6.04. Waiver of Past Defaults.
  Full wording and supporting evidence

  Source evidence: The Holders of a majority in aggregate principal amount of the Notes then outstanding (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes) by notice to the Trustee may waive an existing Default and its consequences except (i) a Default in the payment of the principal of or premium, if any, or interest on a Note or (ii) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Noteholder adversely affected.

  Target identity evidence: INDENTURE, dated as of June 30, 2026, among SEADRILL FINANCE LIMITED, an exempted company incorporated under the laws of Bermuda (the “Issuer”), SEADRILL LIMITED, an exempted company incorporated under the laws of Bermuda (the “Company”), as a Guarantor (as defined herein), the other Guarantors from time to time party hereto and GLAS TRUST COMPANY LLC, as trustee (in such capacity, the “Trustee”).

  Target identity evidence: The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance on the date hereof of $700,000,000 aggregate principal amount of the Issuer’s 6.750% Senior Notes due 2034 (the “Original Notes”)

• Section 6.05 · Control by Majority The Holders of a majority in aggregate principal amount of the Notes then outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee Applies to every series under this agreement Section 6.05. Control by Majority.
  Full wording and supporting evidence

  Source evidence: The Holders of a majority in aggregate principal amount of the Notes then outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee with respect to the Notes.

  Target identity evidence: INDENTURE, dated as of June 30, 2026, among SEADRILL FINANCE LIMITED, an exempted company incorporated under the laws of Bermuda (the “Issuer”), SEADRILL LIMITED, an exempted company incorporated under the laws of Bermuda (the “Company”), as a Guarantor (as defined herein), the other Guarantors from time to time party hereto and GLAS TRUST COMPANY LLC, as trustee (in such capacity, the “Trustee”).

  Target identity evidence: The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance on the date hereof of $700,000,000 aggregate principal amount of the Issuer’s 6.750% Senior Notes due 2034 (the “Original Notes”)