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Seadrill presents new business plan

The John Fredriksen-owned drilling company Seadrill, currently under Chapter 11 in the US, has released a new business plan. The plan indicates significant setbacks in revenue and earnings at Seadrill for the next five years.

DNB charts companies with debt problems

DNB Markets has listed the loans set to mature in the oil service and shipping sector over the next two years. Many companies have defaulted on their large loans, reports Norwegian media Sysla. One of them is Seadrill.

These are some of Seadrill's major bondholders

Bondholders have again become the unknown ownership element that could ultimately block a restructuring – this time at Seadrill. But there are several parties among the unsecured bondholders who support the rescue plan. Now some investors have been named.

Norwegian taxpayers could be left with Seadrill debt

The Norwegian state may have guaranteed upwards of USD 1.3 billion of Seadrill's debt, which means that Norwegian taxpayers could end up footing part of the bill if John Fredriksen's rig company goes bankrupt, reports E24.

Seadrill's rescue plan squeezes shareholders

18 months of rescue attempts have resulted in a restructuring plan for the drilling company Seadrill, which applied for Chapter 11 in the US Tuesday. Existing shareholders will be squeezed, note several analysts.

Seadrill settles rescue plan in the nick of time

John Fredriksen's struggling rig company Seadrill will get more than USD 1 billion in fresh capital and will postpone debt payments for several years. The plan will be implemented under US Chapter 11.

Seadrill expects major setback in third quarter

In the second quarter, John Fredriksen's drilling company Seadrill lost USD 158 million. CFO Mark Morris explained in an investor call Thursday that management expects a profit in the next quarter, albeit much reduced from the year before. He also revealed some details of the major rescue plan.

Rough offshore market rubs off on rig company results

Both Songa Offshore and North Atlantic Drilling exited the second quarter with setbacks in revenue. While Songa Offshore booked a bottom line in the black, things developed more negatively for Seadrill's subsidiary North Atlantic Drilling which landed a big loss.

Seadrill loses USD 158 million in the second quarter

John Fredriksen's drilling company Seadrill lost USD 158 million in the second quarter while half of the company's rigs have been laid up. Everything is being done in order to land a rescue plan in less a month, says CEO Anton Dibowitz.

Seadrill's problems have sent share price down the drain

The share price for John Fredriksen's drilling company Seadrill is at its lowest level in five years, ahead of the publication of the company's interim report tomorrow Thursday. This year alone, the stock market value of the company has dropped more than 90 percent.

Seadrill gets more time for restructuring

John Fredriksen's rig company Seadrill has now received an extension on a credit facility for a subsidiary in a move that secures Seadrill's restructuring process going forward.

Seadrill prepares investors for considerable losses

The drilling company has secured an extension of its deadline to negotiate a rehabilitation, but time is still running out and the company is now preparing its investors and other stakeholders for coming losses.

Seadrill forbereder investorer på tab

Seadrill har fået lidt længere tid til at nå i mål med forhandlingerne af redningsplanen, men det er dog en stakket frist, og selskabet forbereder sine investorer og andre interessenter på tab.

Seadrill CEO: We will likely end up in court

CEO Per Wullf expects that Seadrill will have to go to court to apply for receivership as the company does not believe that all its bondholders will agree to the new recapitalization proposal.

Seadrill could get fresh capital from new investor

The Fredriksen-controlled rig unit exits the first quarter with a slide in revenue and an operating result virtually slashed in half compared to the same period last year. A new investor could be about to enter the company.

Seadrill's market value has plunged big-time in 2017

The share price of John Fredriksen's drilling company Seadrill has declined drastically since the turn of the year. Ahead of the interim report set for release Wednesday morning, analysts note that the company has been unable to settle its announced restructuring.

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