EnergyWatch

Seadrill expects to wrap up large-scale rescue plan in July

John Fredriksen's drilling company expects to complete its rescue plan in about one month. As such, an almost year-long fight to survive seems looks set to come to an end for the company.

Crisis-stricken rig company Seadrill expects to complete its rescue plan, which restructures debt totaling billions of dollars and which caps an almost year-long fight to survive, about a month from now.

Since September last year Seadrill has been fighting to secure continued operations after the downturn in the oil sector pushed the drilling company to the verge of bankruptcy. But the problems now look set to be resolved for Seadrill and founder John Fredriksen.

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