Seadrill Ltd (NYSE:SDRL) reported that its Annual General Meeting 2015 of the Shareholders was held on September 18 in Bermuda. The audited consolidated financial numbers for the fiscal completed December 31, 2014 were highlighted in the Meeting. In addition, several other resolutions were passed.
The highlights
Seadrill list of minutes starts with the disclosure that the maximum number of Directors cannot exceed ten. The openings in the number of Directors should be designated under casual vacancies and the Board should be authorized to fill such vacancies as and when required. The minutes also included the plan to re-elect Mr. John Fredriksen and Kate Blankenship as Seadrill’s Director.
Additionally, the minutes included the proposal to re-elect Bert M. Bekker, Paul M. Leand, Jr. Ørjan Svanevik, Hans Petter Aas and Charles Woodburn as the Directors of Seadrill. Further it suggested to re-engage PricewaterhouseCoopers LLP as company’s auditors and to allow the Directors to decide their remuneration.
The minutes list included the remuneration proposal that suggested that pay to the Company`s Board should not surpass US$1.5 million for the year completed December 31, 2015. All these details are subject to the disclosure requirements as per Section 5-12 of the ‘Norwegian Securities Trading Act.’
The scenario
It has been almost ten months since the company cancelled its dividend payout with warning of a depressed offshore drilling industry. Since then, Seadrill Ltd (NYSE:SDRL) has deferred the completion of a big percentage of its ships under construction. The company has allowed concessions to maintain tendering activity and keep them going. Since November 2014, Seadrill’s prime focus has been funding several pieces of debt as they become due and mitigating debt when possible.
Although company’s balance sheet is getting better, there are still several funding issues ahead in 2015 and next year. In 2015 alone, another bond of $350 million is maturing and going by the course of this year, the company should not face much trouble getting funding.
