Stratrix
On the Record · Seadrill

Seadrill layoffs, on the record

Every job cut, severance charge and restructuring Seadrill reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from approximately 6,995 to approximately 4,328.

Headcount, as reported

Annual reportEmployeesAs of
20-F for 2015approximately 6,995December 31, 2015
20-F for 2016approximately 4,780December 31, 2016
20-F for 2017approximately 4,328December 31, 2017

Job cuts, severance and restructuring

  1. Our summaryThe company reported an ongoing comprehensive restructuring of its debt, with negotiations that may involve schemes of arrangement or Chapter 11 proceedings. The filing does not describe a workforce reduction or severance program.

    Word for word“We are in ongoing comprehensive restructuring negotiations, which create significant uncertainty, which may result in impairment, losses or substantial dilution for stakeholders and which will likely involve schemes of arrangement in the United Kingdom or Bermuda or proceedings under Chapter 11 of Title 11 of the United States Code.” 20-F for 2016

  2. Our summaryThe company and many of its subsidiaries filed for Chapter 11 bankruptcy to carry out a comprehensive restructuring of its debt and capital structure. September 12, 2017

    Word for word“In order to implement the transactions contemplated as part of our restructuring, we commenced Chapter 11 proceedings under the Bankruptcy Code on September 12, 2017.” 20-F for 2017

Seadrill 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’s annual reports (20-F for 2017, 20-F for 2016, 20-F for 2015) and the financial data it files with the SEC, as of 2018-04-13. 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.