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Seadrill lands comprehensive restructuring deal

John Fredriksen's strained drilling company Seadrill has settled a comprehensive restructuring agreement with a majority of its lenders, which among other things reduced the company's debt liabilities by almost USD 5 billion.

Oil companies' upturn expected to spread slowly to drilling

Oil companies are headed for recovery thanks to rising oil prices, but their appetite for new investments is restrained. As a result, the troubled drilling sector must exercise patience as it waits for activity levels to improve, two stock analysts tell ShippingWatch.

Drilling industry sees first signs of desired consolidation

The hard-pressed drilling sector is now seeing the first signs of a consolidation that has been long called for among drilling companies, several of which have had to seek bankruptcy protection under Chapter 11. Drilling companies Noble and Pacific Drilling have now agreed to merge.

Transocean gets warning from New York Stock Exchange

Drilling company Transocean has received a warning from the New York Stock Exchange, as the company's equity has been trading below USD 1 for a period of 30 days. The company now has six months to correct the price before its listing becomes at risk.

CEO on past drilling mergers: "A pure catastrophe"

Odfjell Drilling is prepared to participate in a large-scale consolidation wave of the hard-strained drilling sector. But there is one major bump in the road. "The consolidation we've seen so far has been a pure catastrophe for shareholders," CEO tells ShippingWatch.

Borr Drilling books USD 110 million loss

The loss grew to almost USD 110 million in the second quarter at drilling company Borr Drilling, which also lost revenue due to the coronavirus crisis. The company sees a need for consolidation in the strained offshore industry.

Seadrill could end up in new Chapter 11

Seadrill Chairman Glen Ole Rødland sees a US Chapter 11 filing as "an alternative" in the restructuring the company has heralded. The rig operator expects to "slim down in every way," he tells Finansavisen.

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