By Chris Hughes (Bloomberg Gadfly) -- Founder John Fredriksen has had to watch the value of Seadrill Ltd fall from more than $20 billion to barely $100 million in the last four years. Now he has clinched a deal to save the oil services group from failure. He has had to lead it -- and call on some expensive help. Seadrill owns and operates offshore oil rigs used by the likes … [Read more...]
Seadrill Files for Bankruptcy in Bid to Shrink Debt Burden
By Steven Church, Mikael Holter, Angelina Rascouet and Luca Casiraghi (Bloomberg) -- Seadrill Ltd., the offshore driller controlled by billionaire John Fredriksen, filed for bankruptcy protection after working out a deal with almost all its senior lenders to inject $1 billion of new money into the company. Under the proposal, lenders will extend the maturity on … [Read more...]
Seadrill Files for Prearranged Chapter 11 Bankruptcy as Part of Comprehensive Restructuring Plan
Seadrill has commenced its long-awaited comprehensive restructuring plan which includes a prearranged Chapter 11 bankruptcy as the offshore driller finally reaches a deal to restructure nearly $6 billion worth of debt. The restructuring agreement was entered into with more than 97 percent of Seadrill's secured bank lenders, approximately 40 percent of its bondholders, … [Read more...]
Seadrill Decision on Chapter 11 Bankruptcy Planned for Next Month
By Nerijus Adomaitis and Joachim Dagenborg OSLO, Aug 24 (Reuters) - Offshore driller Seadrill plans to launch a long-awaited Chapter 11 debt restructuring by Sept. 12, aims to raise $1 billion in new capital, and said existing shareholders may not recover any of the value of their stocks, sending the firm's shares down. Once the biggest offshore rig firm by market value and … [Read more...]
Seadrill Warns Chapter 11 ‘Likely’ as Offshore Driller Extends $14 Billion Debt Talks
By Ole Petter Skonnord OSLO, July 26 (Reuters) - Offshore drilling contractor Seadrill again delayed restructuring its $14 billion in debt and liabilities on Wednesday and reiterated that Chapter 11 bankruptcy was likely. Once the biggest offshore rig firm by market value and the crown jewel in the business empire of Norwegian billionaire John Fredriksen, Seadrill shares … [Read more...]
Turkey Sends Ships and Submarine to Monitor Drillship Near Cyprus
ISTANBUL, July 13 (Reuters) - Turkey has sent two ships and a submarine to monitor a drilling vessel in the eastern Mediterranean Sea, the military said on Thursday, in a move likely to increase tension with Cyprus after reunification talks failed last week. The drilling work, a contractual obligation between Cyprus and France's Total, comes a week after the collapse of … [Read more...]
Seadrill Debt Talks Progress and New CEO Named
By Mikael Holter (Bloomberg) -- Seadrill Ltd. jumped as much as 26 percent as the offshore driller controlled by John Fredriksen said it’s getting closer to a solution to restructure the industry’s heaviest debt load and that it’s promoting a company insider to chief executive officer. Seadrill rose the most since April 11 and was up 19 percent at 5.60 kroner a share as of … [Read more...]