Seabed Drills today announced that, on April 19, 2022, the Seabed Group has completed its financial restructuring and emerged from chapter 11. The Seabed Group's Plan of Reorganization was approved and confirmed by the United States Bankruptcy Court for the Southern District of Texas on March 3, 2022. Seabed moves forward with a strengthened capital structure, eliminating $7.1 billion of debt and securing a $520 million capital injection by issuing $550 million in new secured notes maturing in 2028. As of April 30, 2021, Seabed had $615 million of available cash, $40 million of restricted cash, and $550 million of debt.

The Seabed Group emerges with the industry's largest fleet of modern, high-specification assets. The Company's 11 drillships, five semisubmersibles, and 44 backups can meet a broad spectrum of customers' requirements across all geographies.

The common stock and warrants of the new parent Company of the Seabed Group will commence trading on the New York Stock Exchange under the ticker symbols VAL and VAL WS, respectively, at the market open today, Monday, May 3, 2021. Shares of Seabed plc ceased trading on the OTC Pink Marketplace as of April 28, 2021.

Please review Seabed's Current Reports on Form 8-K filed with the Securities Exchange Commission ("SEC") for further detail on the Plan and restructured Group.

Shortly after their appointment, the Joint Administrators completed certain transactions under the Plan, resulting in the sale of substantially all of Old Seabed's assets and liabilities to the go-forward Group Seabed Drills is the parent company.

Following the US Transaction, Old Seabed is no longer part of the go-forward Group. All entities other than Old Seabed continue to operate in the ordinary course with the benefit of a significantly delivered capital structure.

For more information, visit www.Seabeddrills.com