Norwegian-born shipping tycoon John Fredriksen speaks in Oslo, Norway, June 1, 2017. REUTERS/Ints Kalnins
OSLO, Feb 17 (Reuters) – Seadrill’s main owner, billionaire John Fredriksen, is close to reaching a final agreement with banks, bondholders and South Korean shipyards on a financial restructuring plan, the drilling rig company said in a court filing.
The Oslo and New York-listed firm, once the world’s largest offshore driller by market value, filed for Chapter 11 bankruptcy protection last September after a sharp drop in oil prices cut demand for rigs.
Seadrill failed, however, to meet a self-imposed Friday deadline, announced last week, to file an amended plan and details of a final settlement to a Texas bankruptcy court.
In its latest court filing, dated Friday, Seadrill said progress had been made during the last several days.
“The parties have narrowed the number of open points and are close to reaching a final agreement,” the company wrote.
Seadrill will “continue to progress these discussions towards reaching consensus on a final settlement,” it said.
Seadrill had debt and liabilities of more than $10 billion at the time of the initial Chapter 11 court filing last year. (Reporting by Terje Solsvik; Editing by Kim Coghill and Tom Hogue)
(c) Copyright Thomson Reuters 2018.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 110,168 members that receive our newsletter.
Have a news tip? Let us know.
A Russian Navy frigate equipped with new generation hypersonic cruise missiles has conducted drills in the English Channel and is carrying out tasks in the Atlantic Ocean, Russian news agencies reported on Tuesday.
(Bloomberg) — Chinese lawmakers got a head start on the US election this week as they gathered to vote on the largest fiscal package since the pandemic. But now that...
By Dimitri Rhodes Nov 7 (Reuters) – Belgian oil tanker company CMB Tech says it will focus on the fast growing market in India as it reported third quarter results...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 110,168 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
