Seadrill secures comprehensive restructuring deal

John Fredriksen's strained drilling company Seadrill has settled a comprehensive restructuring agreement with a majority of its lenders, which among other things reduced the company's debt liabilities by almost USD 5bn.

Photo: Seadrill

Seadrill has settled a deal with its creditors as part of a large-scale restructuring of the strained company, currently under Chapter 11.

The John Fredriksen-controlled drilling company has thus agreed with creditors representing 57.8 percent of its debt liabilities to convert debt totaling a little more than USD 4.9bn into equity, says Seadrill in an update.

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