EnergyWatch

Seadrill to raise USD 1 billion but also preparing contingency plans

Norwegian drilling company Seadrill is in need of cash and now preparing for major changes. Meanwhile, contingency plans are being drafted.

Photo: Seadrill

Debt-ridden Norwegian drilling company, Seadrill, which is owned by Norwegian billionaire John Fredriksen, is now ready with a draft for a restructuring plan after one year of work.

The plan arrives after the company made a USD 882 million impairment in the third quarter 2016 and thus reached a total debt of approximately USD 9 billion. The result in last year's third quarter came to a deficit of USD 656 million.

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