Seadrill secures new debt agreement

John Fredriksen's Seadrill has reached an agreement with several of the drilling unit's bondholders to repay debt with shares, informs the company in a stock exchange announcement.

Photo: Seadrill

The collapsed oil industry has dealt some painful blows to drilling company Seadrill, which is working on a rescue plan for the company. Meanwhile, the company, owned by shipping magnate John Fredriksen, is attempting to reach agreement with some of its bondholders, and the carrier has now secured a deal with a group of bondholders to repay the debt with shares, informs Seadrill in a notice to the Oslo stock exchange on Thursday.

According to the agreement, Seadrill will issue 7.5 million new shares worth USD 2 per share. The shares will be exchanged for a USD 50 million debt on a 2017 bond.

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