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Fredriksen's Seadrill bags crucial credit agreement

Drilling unit Seadrill has secured deferral from its banks for the most urgent loans, totaling more than USD 850 million, informs the company in a statement on Friday. A milestone, says Seadrill CFO.

Photo: Seadrill

John Fredriksen's drilling rig behemoth Seadrill, which is currently in the midst of a veritable financial storm, has bagged an agreement with the company's creditors to postpone payment of the most urgent short-term loans, informs Seadrill in a statement on Friday.

According to Seadrill, the agreement concerns three credit facilities for a total USD 852 million. The two biggest facilities, at USD 450 million and USD 400 million, set to mature in June and December, have been postponed by six months.

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