Seadrill pushes restructuring back to 2017

Drilling company Seadrill has secured a new extension of its loan facilities, and the company now expects to put the final touches on a comprehensive restructuring by the end of April next year.

Seadrill, owned by John "Big Wolf" Fredriksen, is in the midst of a comprehensive restructuring process and, with a new agreement to extend the maturation date of its loan facilities, the process is now expected completed by the end of April next year.

The driller informs in a brief to the Oslo Stock Exchange Wednesday that the company has secured approval from lenders to extend the maturation date on a loan for drilling rig West Eminence from December 31 2016 to April 30 2017.

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