<SEC-DOCUMENT>0001193125-18-220688.txt : 20180919
<SEC-HEADER>0001193125-18-220688.hdr.sgml : 20180919
<ACCEPTANCE-DATETIME>20180718171604
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-18-220688
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20180718

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Seadrill Ltd
		CENTRAL INDEX KEY:			0001737706
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		PAR-LA-VILLE PLACE, 14 PAR-LA-VILLE ROAD
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 08
		BUSINESS PHONE:		441 295 9500

	MAIL ADDRESS:	
		STREET 1:		PAR-LA-VILLE PLACE, 14 PAR-LA-VILLE ROAD
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 08

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW SDRL LTD.
		DATE OF NAME CHANGE:	20180417
</SEC-HEADER>
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<TYPE>CORRESP
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<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dennis M. Myers, P.C.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">To Call
Writer Directly:</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">+1 312 862 2232</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">dennis.myers@kirkland.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">300 North LaSalle</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Chicago, IL 60654</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">United States</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">+1 312 862 2000</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">www.kirkland.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Facsimile:</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">+1 312 862
2200</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">July&nbsp;18, 2018 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"><B>Via EDGAR Submission and Overnight Delivery</B></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F
Street, N.E.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: John
Reynolds</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Mail Stop 4628</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Re: &nbsp;Seadrill Limited (formerly known as New SDRL Limited) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Filed April&nbsp;26, 2018 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-224459</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Reynolds: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the
requirements of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), and Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> thereunder, Seadrill Limited (formerly known as New SDRL Limited), a company incorporated under the
Laws of Bermuda (the &#147;Company&#148;), has filed with the Securities and Exchange Commission (the &#147;SEC&#148;), an Amendment No.&nbsp;1 to its Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> (the
&#147;Amendment&#148;), which amends the Registration Statement submitted on April&nbsp;26, 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of the Company, we are
writing to respond to the comments raised in the letter to the Company, dated May&nbsp;24, 2018, from the staff of the SEC (the &#147;Staff&#148;). The Company&#146;s responses below correspond to the captions and numbers of those comments (which
are reproduced below in italics). For your convenience, paper copies of the Amendment will be delivered to the Staff, and those copies will be marked to show changes from the Registration Statement filed with the SEC on April&nbsp;26, 2018. Where
applicable, we have also referenced in the Company&#146;s responses set forth below the appropriate page number of the revised prospectus contained in the Amendment (the &#147;Prospectus&#148;) that addresses the Staff&#146;s comment. Capitalized
terms used in this letter but not otherwise defined have the meanings assigned to them in the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">Beijing&nbsp;&nbsp;Boston&nbsp;&nbsp;Hong&nbsp;Kong&nbsp;&nbsp;Houston&nbsp;&nbsp;London&nbsp;&nbsp;Los&nbsp;Angeles&nbsp;&nbsp;Munich&nbsp;
&nbsp;New&nbsp;York&nbsp;&nbsp;Palo&nbsp;Alto&nbsp;&nbsp;San&nbsp;Francisco&nbsp;&nbsp;Shanghai&nbsp;&nbsp;Washington,&nbsp;D.C. </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 18, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Registration Statement Cover Page </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>You currently identify Georgina Sousa of Bermuda as your agent for service. Please instead provide the name and address of your agent for service in the United States, as Schedule A of the Securities Act requires.
</I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has included the name and address of its agent for service in the
United States on the cover page of the Amendment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Certain Terms Used in This Prospectus, page v </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Provide updated information regarding the status of the Plan and all related matters including its &#147;Effective Date&#148; throughout your prospectus, once that information becomes available. For example, aside
from effectiveness of the registration statement, briefly identify the status of the other conditions precedent to effectiveness of the Plan. At page 15, you indicate that the Bankruptcy Court approved the Plan on April&nbsp;17, 2018, and that all
conditions precedent must be satisfied prior to effectiveness. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company
advises the Staff that the Effective Date occurred on July&nbsp;2, 2018 and the Debtors have emerged from bankruptcy. Accordingly, the Company has appropriately revised references to the Plan and all related matters to indicate that all conditions
precedent have been satisfied and the Effective Date has occurred. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Directors, Senior Management and Employees, page 26 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Once known, please update the disclosure in this section to identify the new directors and members of senior management. If you retain the suggestion that your corporate governance may change prior to the Effective
Date, explain to us why there is uncertainty in that regard. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has
updated the information set forth under the heading &#147;Directors, Senior Management and Employees&#148; to identify the new directors and members of senior management. The Company has also removed language relating to possible uncertainties
regarding the corporate governance of the Company on a post-emergence basis. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Security Ownership of Certain Beneficial Owners and Management, page
29</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>With your next amendment, please update this disclosure to include the number of shares and to disclose the securities holdings of your principal shareholders. </I></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has updated the information set forth under the heading &#147;Security Ownership of
Certain Beneficial Owners and Management&#148; to disclose the identities and securities holdings of its principal shareholders. </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 18, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Selling Shareholders, page 30 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>5.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please include the selling shareholders information in your next filing. In this regard, we note that on April&nbsp;17, 2018, you entered into a registration rights agreement with certain commitment parties, as
selling shareholders. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has updated the information set forth under
the heading &#147;Selling Shareholders&#148; to disclose the identities and securities holdings of the selling shareholders. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>United States Federal
Income Tax Considerations, page 48 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>6.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Item 601(b)(8) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> requires you to file as an exhibit an opinion of counsel when you make representations as to tax consequences and the consequences are
material. Please file the requisite opinion, or explain to us why you fail to do so. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the
Staff&#146;s comment and advises the Staff that it has filed a tax opinion from Kirkland&nbsp;&amp; Ellis LLP as Exhibit 8.1 to the Amendment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Incorporation of Certain Information by Reference, page 58 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>7.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please revise the list of incorporated filings to specify the name of the company at the time it filed the Form <FONT STYLE="white-space:nowrap">20-F</FONT> and to include the SEC file number for that filing.
</I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the list of incorporated filings to specify the name
and SEC file number of the entity that filed the Form <FONT STYLE="white-space:nowrap">20-F</FONT> to be incorporated by reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibits </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>8.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Pursuant to the investment agreement dated September&nbsp;12, 2017, as amended, we note that certain commitment parties will be issued common shares. Please file the Investment Agreement as an exhibit. Identify in
the amended Form <FONT STYLE="white-space:nowrap">F-1</FONT> the commitment parties, or explain why you omit this information. Also revise the discussion at page 27 relating to the seventh director to explain briefly how the &#147;mutual
agreement&#148; operates if the three named parties do not agree on the seventh director notwithstanding the &#147;not unreasonably withhold&#148; provision discussed at page 37. </I></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and advises the Staff that it has incorporated by reference the investment agreement and
amendment thereto as Exhibits 4.3 and 4.4 to the Amendment, respectively. The Company also advises the staff that all post-emergence directors have been appointed in accordance with the terms of the Plan and the investment agreement and the Company
has revised the prospectus description of director appointments accordingly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 18, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hope that the foregoing has been responsive to the Staff&#146;s comments. Should you have
any questions relating to any of the foregoing, please feel free to contact the undersigned at (312) <FONT STYLE="white-space:nowrap">862-2232</FONT> or, in my absence, Wayne E. Williams at (312) <FONT STYLE="white-space:nowrap">862-7135.</FONT>
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Dennis M. Myers, P.C.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dennis M. Myers, P.C.</TD></TR>
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