Fredriksen buys USD 300 million of Seadrill claims from banks

John Fredriksen has bought more than USD 300 million in claims against Seadrill from the company's lenders, and he is set to remain the by far biggest owner of the drilling company, which plans to finish its Chapter 11 proceedings next month.

Photo: Photo: Seadrill

Billionaire John Fredriksen bought more than USD 300 million in claims against Seadrill Ltd. from the company's banks, further tightening his grip on the offshore driller as it prepares to emerge from bankruptcy protection.

Fredriksen is set to remain the biggest owner of Seadrill, which plans to exit Chapter 11 proceedings in the first half of next month after a Texas court approved its restructuring plan.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

NKT targets double revenue in business unit

The Danish cable manufacturer closes the second quarter with flying colors, with a record-sized order book resulting in factory expansion, which along with other extensions propels the Solutions division forward to nearly doubling its top line.

Uniper hits Q2 net deficit of EUR 9.3bn

Just as expected, the German utility is hit hard by supply commitments forcing natural gas purchases on the wholesale market. State bailout keeps the business floating.

US IRA bill compromises leave sour taste with activists

Now signed by the US president and thus fully formalized, the watered-down version of Biden’s climate campaign bill – full of compromises to get conservative Democrats on aboard and thus attracting critique from many observers – nonetheless contains the nation’s most sweeping legislation supporting the green transition to date, thereby on account of sheer size reviving some hope of averting the worst outcome for global climate.

Further reading

Related articles

Latest News

See all jobs