Seadrill hit with huge bill from consultants

According to Dagens Næringsliv, Seadrill's rescue plan has so far cost the rig company USD 150 million. The total bill will be much higher.

BY OLE ANDERSEN, SHIPPINGWATCH

Published: 15.09.17 at 08:58

Seadrill has so far spent more than USD 150 million on consultants for what has been described as the largest restructuring process ever in Norwegian business.

The total bill for the debt restructuring of the company, one of the world's biggest drilling rig owners, is expected to be much greater, as Seadrill has filed for Chapter 11, a process that is associated with significant costs, centrally placed sources tell Dagens Næringsliv after the Fredriksen-controlled company Wednesday announced a comprehensive rehabilitation plan that will see Seadrill get USD 1.06 billion in fresh capital and postpone debt totaling USD 5.7 billion by five years.

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