Seadrill Partners announced it has secured a one-well contract with ExxonMobil for its semi-submersible West Aquarius off the east coast of Canada. Backlog for the firm portion of the contract is expected to be approximately $24 million and commencement is expected between May and July 2019, which works out to a day rate of approximately $260,000. The West Aquarius was … [Read more...]
John ‘Big Wolf’ Fredriksen Steers Seadrill Back to Life After Taking $5 Billion Hit
By Mikael Holter (Bloomberg) -- John Fredriksen’s stake in Seadrill Ltd., once worth more than $5 billion, was virtually wiped out in the oil-market crash. Now, the Norwegian-born shipping tycoon is placing a new wager on offshore drilling after overcoming a bondholder rebellion and pushing through the most complicated restructuring ever for the industry. After … [Read more...]
Bankrupt Seadrill Anticipates Emerging from Chapter 11 in July
Bankrupt offshore drilling contractor Seadrill has announced that it anticipates emerge from the chapter 11 process in the first half of July 2018 upon completion of its commitments under a plan of reorganization agreed to by stakeholders. The restructuring plan, which was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas in April, will strengthen … [Read more...]
John Fredriksen’s Northern Drilling Snaps Up Newbuild Drillships on the Cheap
John Fredriksen-controlled Northern Drilling has entered into agreements to acquire two newbuild ultra-deepwater drillships from South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) for the bargain price of just US $296 million apiece. The drillships were originally ordered by Seadrill in 2013 when the price tag for modern newbuild drillship was still close to … [Read more...]
Seadrill Reaches Joint Restructuring Deal with Creditors
By Nerijus Adomaitis and Tom Hals OSLO/WILMINGTON, Del., Feb 26 (Reuters) - Shipping tycoon John Fredriksen has reached an agreement with a majority of creditors over a restructuring plan for oil rig firm Seadrill Ltd, according to U.S. court documents on Monday. The company, once the world's largest offshore driller by market value, filed for Chapter 11 bankruptcy … [Read more...]