Seadrill files for Chapter 11 in the US for Asian subsidiaries

Seadrill has filed for Chapter 11 bankruptcy protection in the US for a series of Asian subsidiaries, in an effort to ensure the offshore company's financial restructuring. The company also requests help from authorities to pay employees' wages.

File photo. | Photo: PR/Seadrill

Drilling operator Seadrill must once again face the fact that the offshore market is currently a tough place to operate. To ensure the broader financial restructuring efforts currently underway, the company has filed for Chapter 11 court receivership in the US for a series of Asian subsidiaries.

Seadrill, controlled by Norwegian-born John Fredriksen, also requests authorities help paying "key trade creditors" and employee wages, so that they can be paid without changes or interruptions.

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