Fredriksen ‘Close’ Seadrill Debt Restructuring Deal

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.

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