Seadrill to Seek Bankruptcy Protection
Once the biggest offshore rig firm by market value, Seadrill plans to begin its Chapter 11 debt restructuring in the coming weeks, WSJ reported.
The Bermuda-based company, controlled by Norwegian shipping magnate John Fredriksen, has a plan to restructure around $10 billion in debt. Seadrill, one of the world’s largest offshore drilling companies, operates a fleet of 68 rigs and drillships for customers including Total SA, Petrobras and Exxon Mobil Corp.
Anton Dibowitz, CEO and President of Seadrill Management said: "Our primary objective at the moment is concluding final negotiations on our comprehensive restructuring plan, which is at an advanced stage and likely to be implemented via Chapter 11 proceedings on or before 12th September 2017."
"Our business execution remains unaffected by these efforts as demonstrated by continued delivery of excellent safety and fleet uptime," he added.
"Although the market continues to be challenging, continued operational execution and strong customer relationships has enabled us to re-contract a number of units during the quarter. With a young versatile fleet and upon completion of our restructuring, we will be well placed to capitalize when the market recovers," Anton concluded.
For Q2 Seadrill reported a revenue of $577 million and operating loss of $100 million.
