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Seadrill company decides not to make interest rate payment

John Fredriksen's struggling rig operator Seadrill cancels an interest rate payment on a loan through company Seadrill New Finance. The company is working on a comprehensive restructuring plan, which could go through court.

Photo: Seadrill Partners

Struggling rig operator Seadrill, which needs to settle a comprehensive rescue plan, has canceled an interest payment on a loan.

The interest payment was due today, Jan. 15, but the company Seadrill New Finance Limited "has determined not to make the semi-annual 4% cash interest payment due to the senior secured noteholders" on a bond loan set to expire in 2025, writes Seadrill in an update.

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