| Item 1. | |
| (a) | Name of issuer:
Seadrill Limited |
| (b) | Address of issuer's principal executive offices:
55 Par La Ville Road
Park Place
City of Hamilton HM 11, BERMUDA
HM 08 |
| Item 2. | |
| (a) | Name of person filing:
This Schedule 13G is being filed on behalf of the following persons*:
Canyon Capital Advisors LLC ("CCA")
Joshua S. Friedman
Mitchell R. Julis
CCA is the investment advisor, direct or indirect, to the following persons:
(i) Canyon Value Realization Fund, L.P. ("VRF")
(ii) The Canyon Value Realization Master Fund (Cayman), L.P. ("CVRF")
(iii) Canyon Balanced Master Fund, Ltd. ("CBEF")
(iv) Canyon Distressed Opportunity Master Fund III, L.P. ("CDOFIII")
(v) Canyon NZ-DOF Investing, L.P. ("NZ-TRADING")
(vi) Canyon-EDOF (Master) L.P. ("EDOF")
(vii) Canyon Distressed TX L.P. ("CTX")
(viii) Canyon Distressed TX (B) LLC ("CTXB")
(ix) Canyon Capital CLO 2012-1 R, Ltd. ("CCACLO-2012-1R")
(x) Canyon CLO 2017-1, Ltd. ("CCACLO-2017-1")
* Attached as Exhibit A is a copy of an agreement among the persons filing (as specified hereinabove) that this Schedule 13G is being filed on behalf of each of them. |
| (b) | Address or principal business office or, if none, residence:
The principal business office of the persons comprising the group filing this Schedule 13G is located at
2728 North Harwood Street, 2nd Floor
Dallas, TX 75201 |
| (c) | Citizenship:
Canyon Capital Advisors LLC - Delaware
Joshua S. Friedman - United States
Mitchell R. Julis - United States
VRF: a Delaware limited partnership
CVRF: a Cayman Islands exempted limited partnership
CBEF: a Cayman Islands corporation
CDOFIII: a Cayman Islands exempted limited partnership
NZ-TRADING: a Delaware limited partnership
EDOF: a Cayman Islands exempted limited partnership
CTX: a Delaware limited partnership
CTXB: a Delaware limited liability company
CCACLO-2012-1R: a Cayman Islands exempted company incorporated with limited liability
CCACLO-2017-1: a Cayman Islands exempted company incorporated with limited liability |
| (d) | Title of class of securities:
Common Stock |
| (e) | CUSIP No.:
G7997W102 |
| Item 3. | If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: |
| (a) |  Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
|
| (b) | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
|
| (c) | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
|
| (d) | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
|
| (e) |  An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
|
| (f) | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
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| (g) | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
|
| (h) | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
|
| (i) | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
|
| (j) | A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
|
| (k) | Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
|
| | |
| Item 4. | Ownership |
| (a) | Amount beneficially owned:
4,879,709 |
| (b) | Percent of class:
7.57 %
|
| (c) | Number of shares as to which the person has:
|
| | (i) Sole power to vote or to direct the vote:
4,879,709
|
| | (ii) Shared power to vote or to direct the vote:
4,879,709
|
| | (iii) Sole power to dispose or to direct the disposition of:
4,879,709
|
| | (iv) Shared power to dispose or to direct the disposition of:
4,879,709
|
| Item 5. | Ownership of 5 Percent or Less of a Class. |
| | |
| Item 6. | Ownership of more than 5 Percent on Behalf of Another Person. |
| |
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
CCA is, or is the parent of, an investment advisor to various managed accounts, including VRF, CVRF, CBEF, CDOFIII, NZ-TRADING,EDOF, CTX, CTXB, CCACLO-2012-1R, and CCACLO-2017-1, with the right to receive, or the power to direct the receipt, of dividends from, or the proceeds from the sale of the securities held by, such managed accounts. Messrs. Friedman and Julis control CP New Co LLC, the 100% owner of CCA. |
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
| |
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Not Applicable |
| Item 8. | Identification and Classification of Members of the Group. |
| |
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
Not Applicable |
| Item 9. | Notice of Dissolution of Group. |
| |
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
Not Applicable |