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Foresea Holding S.A. Announces Consent Solicitation for Senior Secured Notes due 2030

On January 23, 2026, Foresea Holding S.A., widely recognized for its expertise in offshore drilling, released a formal announcement regarding its consent solicitation for its outstanding 7.50% Senior Secured Notes due 2030. The company aims to engage financial stakeholders in a process intended to amend specific provisions within the governing indenture of the notes.

The solicitation process is designed to obtain approvals, referred to as 'Consents,' from holders of the company's notes, which currently aggregate to significant financial leverage in the markets. The proposed amendment focuses specifically on allowing for a reconfigured general basket for restricted payments. Under the terms outlined in the consent solicitation statement, the company is seeking authority to enable restricted payments totaling no more than $175 million following the enactment of the Supplemental Indenture.

Key Details of the Consent Solicitation

The consent solicitation will officially expire on January 30, 2026, at 5:00 p.m. New York City time. As part of this process, holders of the notes are encouraged to submit their consent promptly to ensure their participation. The consent payment, an essential feature of this solicitation, is structured to be distributed on a pro-rata basis to those who validly deliver their consents. Importantly, no accrued interest will be provided as part of the consent payment structure.

All holders participating in this consent solicitation are explicitly advised that failure to deliver a consent or revoking a consent prior to the deadlines stipulated will result in non-eligibility for the payment, despite the proposed amendment’s binding effect on all holders post the Supplemental Indenture execution.

The Rationale Behind the Solicitation

Foresea’s management envisions substantial benefits from these amendments, aimed at bolstering financial flexibility. By adjusting specific terms within the existing indenture, the company is positioned to better navigate the dynamic environments of the offshore drilling sector while harnessing growth opportunities that may arise. These adjustments are a proactive measure to enhance operational capabilities and financial resilience, particularly in the context of a fast-evolving market landscape.

The company is confident that obtaining the requisite consents from at least a majority of note holders will enable them to execute the necessary modifications swiftly. The anticipated timing for executing the Supplemental Indenture is contingent upon satisfying outlined conditions, thereby ensuring compliance with all legal and regulatory obligations.

Corporate Background of Foresea

Foresea Holding S.A. has established itself as a prominent player in the offshore drilling industry, recognized for its innovative drilling solutions tailored for ultra-deep-water conditions. The company boasts a modern fleet that includes high-spec drillships and semisubmersibles, reinforcing its commitment to operational excellence and safety. Furthermore, Foresea places a strong emphasis on sustainability and technological advancements, aligning its business operations with sectorial best practices.

Conclusion

The initiation of the consent solicitation by Foresea Holding S.A. marks a strategic move to enhance its financial structure and operational strategy. Stakeholders are encouraged to review all pertinent materials related to the consent solicitation to ensure informed participation in this pivotal decision-making process. As the industry evolves, moves like these underscore the ongoing adaptability and foresightedness of companies like Foresea, setting the stage for future successes in the offshore drilling domain.

For additional information, interested parties may refer to the company’s official website or directly contact their investor relations contacts as noted in the recent press release.