Seadrill (SDRL) Enters $300M Revolving Credit Amendment

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The short version

Seadrill Ltd (SDRL) filed an 8-K on June 18, 2026, disclosing that it entered into a second amendment (Amendment No. 2) to its existing credit agreement. The amendment establishes a new $300 million revolving credit facility (a flexible business loan that can be drawn and repaid as needed) split among five lenders, and replaces the previous administrative agent — the bank that manages the loan on behalf of all lenders — with a new one. Existing loans outstanding at the time of the amendment were deemed repaid, while outstanding letters of credit (bank guarantees) carried over into the new facility.

Seadrill Ltd (SDRL) disclosed on June 18, 2026, that it entered into a second amendment to its credit agreement, creating a new $300 million revolving credit facility — a flexible business loan the company can draw on and repay over time.

What the Amendment Does

According to the filing, Amendment No. 2 replaces the old revolving loan commitments with new ones totaling $300 million. Any revolving loans that were outstanding just before the amendment took effect were treated as paid off. However, any letters of credit (bank guarantees used in business operations) that were already outstanding automatically moved over into the new facility.

The Lending Group

The $300 million is split among five banks, as disclosed in the filing:

Lender	Commitment
JPMorgan Chase Bank, N.A.	$62,500,000
Citibank N.A.	$62,500,000
Deutsche Bank AG New York Branch	$62,500,000
DNB Capital LLC	$62,500,000
Barclays Bank PLC	$50,000,000
Total	$300,000,000

Change in Administrative Agent

The amendment also replaces the administrative agent — the bank that handles day-to-day loan management on behalf of all the lenders. The filing refers to the outgoing agent as the "Predecessor Administrative Agent" and the incoming one as the "Successor Administrative Agent," but does not name either party by name. The filing states that the new agent takes on no responsibility for actions taken by the previous agent, and the previous agent bears no responsibility for actions taken by the new agent going forward. GLAS Trust Company LLC is named in the filing as the "Common Security Agent," serving as the collateral trustee under a separate intercreditor agreement.

Key Credit Terms

The facility's scheduled end date (the "Commitment Termination Date") falls on the fifth anniversary of the Amendment No. 2 effective date, according to the filing. Seadrill can voluntarily reduce the size of the facility with three business days' notice. The facility can also be reduced automatically if Seadrill is required to make certain asset-sale repayments, the filing said.

Key facts

Seadrill Ltd (SDRL) filed an 8-K on June 18, 2026, disclosing Amendment No. 2 to its credit agreement.

The amendment establishes a new revolving credit facility totaling $300,000,000.

Five lenders participate: JPMorgan Chase Bank N.A. ($62.5M), Citibank N.A. ($62.5M), Deutsche Bank AG New York Branch ($62.5M), DNB Capital LLC ($62.5M), and Barclays Bank PLC ($50M).

Existing revolving loans outstanding at the amendment effective date were deemed repaid; existing letters of credit carried over into the new facility.

The administrative agent was replaced; the outgoing agent is called the 'Predecessor Administrative Agent' and the incoming one the 'Successor Administrative Agent' — neither is named in the filing.

GLAS Trust Company LLC serves as Common Security Agent (collateral trustee).

The facility's scheduled maturity is the fifth anniversary of the Amendment No. 2 effective date.

8-K items reported: 1.01 (entry into a material agreement) and 2.03 (creation of a material financial obligation).

Why it matters

A $300 million revolving credit facility is a meaningful source of liquidity for Seadrill, giving the offshore drilling company the ability to draw cash as needed for operations, letters of credit (commonly required in drilling contracts), and general corporate purposes. The simultaneous swap of the administrative agent suggests a housekeeping restructuring of the loan's management alongside the commitment refresh. For investors, the facility's five-year maturity clock starting at Amendment No. 2's effective date means the next refinancing deadline is now pushed out, reducing near-term debt rollover risk — though the filing does not disclose the interest rate terms or the specific identity of the new administrative agent.

Frequently asked

How large is Seadrill's new revolving credit facility?

The new revolving credit facility totals $300 million, split among five lenders, according to the filing.

Which banks are lending to Seadrill under the new facility?

JPMorgan Chase Bank N.A., Citibank N.A., Deutsche Bank AG New York Branch, and DNB Capital LLC each committed $62.5 million, while Barclays Bank PLC committed $50 million.

What happened to Seadrill's existing loans when the amendment took effect?

Any revolving loans outstanding just before the amendment took effect were treated as paid off. Existing letters of credit (bank guarantees) were carried over into the new facility.

When does the new revolving credit facility expire?

According to the filing, the scheduled end date is the fifth anniversary of the Amendment No. 2 effective date.

What the filing reported

1.01 Entry into a Material Agreement

2.03 Creation of a Material Financial Obligation

9.01 Financial Statements & Exhibits