Seadrill Limited Form 6-K Summary
Business Context and Reporting Period
Seadrill Limited filed this Form 6-K for June 2020. The filing reports the company’s decision to delist its common shares from the New York Stock Exchange (NYSE). Seadrill will retain its listing on the Oslo Børs under ticker symbol SDRL.
Financial Metrics and Liquidity
The filing does not provide revenue, profit, cash flow, margin, debt, liquidity, or other financial performance metrics.
Material Changes
- Seadrill notified the NYSE that its board approved proceeding with the delisting.
- The company intended to file Form 25 with the SEC on or about June 11, 2020.
- The NYSE delisting was expected to become effective ten days after Form 25 filing, with the last anticipated NYSE trading day on or about June 19, 2020.
- Following delisting, the shares were expected to trade in the over-the-counter market if one or more brokers chose to make a market.
Outlook, Commentary, and Risks
Seadrill stated that it did not expect the transition to OTC trading to affect business operations. The company also stated that it intended to continue making required SEC filings after the NYSE delisting.
OTC trading was contingent on broker-dealer market-making and could affect the trading venue and liquidity of the company’s common shares. The filing does not provide additional operating guidance, financial outlook, contingencies, or unusual financial items.
Important Facts to Verify
- Whether Form 25 was filed on or about June 11, 2020 and the actual effective date of the delisting.
- The actual last day of NYSE trading and subsequent OTC trading arrangements.
- Continued listing status and trading liquidity on the Oslo Børs.
- Whether the company continued timely SEC filings following the delisting.