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Seadrill heralds comprehensive restructuring after new major deficit

The second quarter brought yet another huge deficit for Seadrill, and the company was also unable to settle new bank deals. Instead, the rig company prepares for a "comprehensive restructuring" to reduce its debt.

Photo: PR/Seadrill

John Fredriksen-controlled rig operator Seadrill faces a large-scale restructuring, says the company in its interim report for the second quarter, which brought a deficit of USD 183 million.

"(...) we anticipate that a comprehensive restructuring may require a substantial conversion of our indebtedness to equity," writes Seadrill in the report.

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