Seadrill New Finance Limited, issuer of the 12.0% senior secured notes due 2025, determined not to make the semi-annual 4% cash interest payment due to the senior secured noteholders on 15 January 2021 in respect of their Notes. The payment-in-kind interest payment is being made in the ordinary course. Discussions continue between Seadrill Limited and its creditors and/or their advisers to finalise negotiations on the head terms of a comprehensive restructuring of its balance sheet.