Seadrill gets another extension on payments to creditors

Rig operator Seadrill has reached an agreement with its creditors, which gives the company a temporary breather in its efforts to settle a comprehensive restructuring.

Photo: PR/Seadrill

Distressed rig company Seadrill, which has John Fredriksen as majority shareholder, has secured a breather in its efforts to settle a large-scale rescue plan.

Seadrill has thus secured a forbearance agreement with a series of creditors. The deal means that the creditors have agreed to not declare the credit arrangements defaulted if Seadrill is unable to make interest payments before Feb. 15, writes Seadrill in an update.

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