Trusted Fredriksen representative says new Seadrill rescue is "more brutal"

The restructuring of crisis-stricken rig company Seadrill will be "more brutal" than the last one, which took place just a few years ago, estimates Gunnar Eliassen, John Fredriksen's board representative since 2019.

Photo: PR/Seadrill

John Fredriksen's crisis-stricken Seadrill is facing a restructuring that will be more brutal than the previous one just a few years ago, estimates one of Fredriksen's trusted employees Gunnar Eliassen in an interview with Norwegian business daily Dagens Næringsliv.

Eliassen's statement follows the rig company's second petition for bankruptcy protection in the US via the so-called Chapter 11, in order to buy more time to land a rescue plan.

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