Offshore staff
HAMILTON, Bermuda – Financially distressed drilling contractor Seadrill has entered into a restructuring agreement to secure its future.
The company negotiated terms with more than 97% of its secured bank lenders, around 40% of its bondholders, and a consortium of investors led by its largest shareholder, Hemen Holding.
The resulting agreement will deliver $1.06 billion of new capital, with the company’s secured lending banks agreeing to defer maturities of all secured credit facilities, totaling $5.7 billion, by around five years until 2020.
Post-restructuring, Seadrill expects to have a strong cash position and good liquidity to take advantage of the eventual market recovery.
As part of the restructuring process, Seadrill has successfully ring-fenced its non-consolidated affiliates from the restructuring, including Seadrill Partners, SeaMex, Archer, and their respective subsidiaries.
09/13/2017
