Seadrill agrees with lenders to extend loan maturity date

Seadrill agrees with lenders to extend loan maturity date

Offshore driller Seadrill Limited has reached a deal with the lenders under the West Eminence loan and the requisite majority of lenders under all of its other bank loans to extend the loan maturity date.

According to the company’s statement on Wednesday, the maturity date of the loan related to the West Eminence drilling rig will be extended from December 31, 2016, to April 30, 2017.

“Good progress has been made on the overall terms and structure of an agreement with our banks that will re-profile all secured credit facilities to mature in the period from 2020 to 2023, reduce our fixed amortization obligations and amend financial covenants. We have initiated engagement with bondholders and potential providers of new capital on the other key elements of our restructuring plan,” Seadrill Limited said.

The company expects to conclude the restructuring by the end of April 2017. “Extending the West Eminence facility will provide us with sufficient time to conclude these negotiations,” it said.

 

Share this article

Follow Offshore Energy Today

Events>

<< Sep 2017 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

24th Annual Africa Oil Week 2017

The Conference portraying five days of senior-level executive insights, with rich-content on corporate strategies and portfolio, exposure…

read more >

FUTURE OIL & GAS

Join senior executives from oil and gas majors, service companies, technology suppliers and industry experts at this year’s premier event…

read more >

Offshore Energy 2017

Offshore Energy Exhibition & Conference (OEEC) is Europe’s leading offshore energy event…

read more >

3P ARCTIC 2017

There is going to be a chance to disclose the recent enhancements about Natural Resources, Petroleum, Geology, Oil, Geoscience, Geological…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply