ShippingWatch

Seadrill files for Chapter 11 in the US for Asian subsidiaries

Seadrill has filed for Chapter 11 bankruptcy protection in the US for a series of Asian subsidiaries, in an effort to ensure the offshore company's financial restructuring. The company also requests help from authorities to pay employees' wages.

Arkivfoto. | Photo: PR/Seadrill

Drilling operator Seadrill must once again face the fact that the offshore market is currently a tough place to operate. To ensure the broader financial restructuring efforts currently underway, the company has filed for Chapter 11 court receivership in the US for a series of Asian subsidiaries.

Seadrill, controlled by Norwegian-born John Fredriksen, also requests authorities help paying "key trade creditors" and employee wages, so that they can be paid without changes or interruptions.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Maersk rejects shippers' complaint in USD 180m dispute

U Shippers has no case in a contractual dispute reported to the US Federal Maritime Commission, Maersk writes in a response to the FMC. Moreover, the case should not even be a matter for the commission, the company says.

Further reading

Related articles

Latest news

See all jobs