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Seadrill subsidiary lands forbearance agreement after parent company's Chapter 11 petition

A subsidiary under John Fredriksen's Seadrill has secured a new forbearance agreement with some of its creditors. This agreement comes only days after its parent company filed for Chapter 11 in the US.

Photo: PR/Seadrill

A Seadrill subsidiary has managed to secure another forbearance agreement, which buys the company a little more time with its creditors.

The deal comes only a few days after the Bermuda-based parent company filed for receivership in the US under Chapter 11. The company has long been challenged, and Seadrill has filed for receivership for several subsidiaries along the way before it ultimately filed for Chapter 11 for the parent company.

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