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Rig Giant Seadrill to File Chapter 11 Bankruptcy
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[Summary: London-based Seadrill is prepping to file Chapter 11, according to multiple reports.
The company has been crippled in recent months by a huge debt load as well as poor quarterly performance. In 2Q, Seadrill reported an operating loss of $100 million.
It is said that the rig giant will submit its bankruptcy filings by September 12, 2017.
Commenting today, Anton Dibowitz, CEO and President of Seadrill Management Ltd., said: "Our primary objective at the moment is concluding final negotiations on our comprehensive restructuring plan, which is at an advanced stage and likely to be implemented via Chapter 11 proceedings on or before 12th September 2017.
"Our business execution remains unaffected by these efforts as demonstrated by continued delivery of excellent safety and fleet uptime. Although the market continues to be challenging, continued operational execution and strong customer relationships has enabled us to re-contract a number of units during the quarter. With a young versatile fleet and upon completion of our restructuring, we will be well placed to capitalize when the market recovers."
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