It decided to cancel the five-year convertible bond issuance due to what it described as “the share price development on the day of issuance”.

Shares in Seadrill ended the trading day down by over 5% at $37.53 each in New York and NOK 232.80 in Oslo.

“Although the order book was covered, the adverse price movement led to an unattractive conversion price for the issue,” it said.

Proceeds