Stratrix
On the Record · Seadrill Partners

Seadrill Partners layoffs, on the record

Every job cut, severance charge and restructuring Seadrill Partners reported in its annual reports, 2018 to 2020, quoted from the filings.

Job cuts, severance and restructuring

  1. Our summarySeadrill, the company's largest unitholder and key service provider, entered into a restructuring agreement with its secured lenders, bondholders and a consortium of investors, and later filed prearranged Chapter 11 cases with a restructuring plan. The filing describes this as Seadrill's restructuring, not a workforce action by the company itself. In September 2017, Seadrill, our largest unit holder and key service provider, entered into a restructuring agreement with its secured lenders, bondholders and a consortium of investors.

    Word for word“In September 2017, Seadrill, our largest unit holder and key service provider, entered into a restructuring agreement with its secured lenders, bondholders and a consortium of investors.” 20-F for 2019

  2. Our summaryThe company filed voluntary Chapter 11 petitions to restructure its debt, and said it would keep paying employee obligations during the process.

    Word for word“The Company intends to use the bankruptcy process to ensure that all customer and employee obligations are met without interruption and to complete a consensual restructuring of its debt.” 20-F for 2020

  3. Our summaryThe company entered a plan support agreement with certain lenders for restructuring transactions that would convert about $2.7 billion of secured term loans into equity. On February 12, 2021 · Cost: approximately $2.7 billion

    Word for word“On February 12, 2021, the Debtors and certain of their prepetition lenders executed a plan support agreement, which contemplates a series of restructuring transactions that will equitize approximately $2.7 billion in secured term loan obligations and select go-forward, value maximizing services providers.” 20-F for 2020

Seadrill Partners has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.

Read from Seadrill Partners’s annual reports (20-F for 2020, 20-F for 2019, 20-F for 2018) and the financial data it files with the SEC, as of 2021-04-30. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.