Common use of THE OFFERING AND CONCURRENT TRANSACTIONS Clause in Contracts

THE OFFERING AND CONCURRENT TRANSACTIONS. After the consummation of the transactions occurring as of the Initial Effective Time as described in ARTICLE II, the following transactions shall be completed in the order set forth below as of the Second Effective Time: Section 3.1 Conversion of Seadrill’s Interest in the Company. Seadrill hereby exchanges its limited liability company interest in the Company for 16,065,025 Common Units and 16,543,350 Subordinated Units. Section 3.2 Conversion of the Seadrill Member’s Interest in the Company. The Seadrill Member hereby exchanges its limited liability company interest in the Company for the IDRs and the Seadrill Member Interest. Section 3.3 The Offering. The Company issues 8,750,000 Common Units to the public in the Offering pursuant to the Underwriting Agreement in exchange for the IPO Proceeds.