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Seadrill subsidiary applies for bankruptcy protection

Seadrill Partners, established by John Fredriksen's rig company Seadrill, now applies for bankruptcy protection in the US. This happens at a time when several observers expect Seadrill to pursue the same direction.

Photo: Seadrill Partners

Rig company Seadrill Partners, which has John Fredriksen's rig company Seadrill as a majority owner, has now filed for bankruptcy protection in the US.

The company has made the petition under the US bankruptcy code, the so-called Chapter 11. Seadrill Partners has taken this step after negotiating with an ad hoc group of creditors that make up some of the company's lenders.

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