Seadrill settles rescue plan in the nick of time

John Fredriksen's struggling rig company Seadrill will get more than USD 1 billion in fresh capital and will postpone debt payments for several years. The plan will be implemented under US Chapter 11.

BY OLE ANDERSEN, SHIPPINGWATCH

Ailing driller Seadrill, controlled by John Fredriksen, presented a rescue plan Tuesday that will see the drilling company receive USD 1.06 billion in fresh capital while also postponing payment of debt totaling USD 5.7 billion for five years.

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Fredriksen's oil trader Arcadia is said to scale back business
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Seadrill and equity fund said to pursue debt accord
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Seadrill loses USD 158 million in the second quarter
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