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.
Photo: Seadrill
Photo: Seadrill
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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