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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
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.

The plan is supported by 97 percent of the company's three banks, close to 40 percent of bondholders, and a group of investors headed by the majority shareholder, John Fredriksen's Hemen Holding.

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