Seadrill adjusts credit facility

Cash-strapped offshore driller Seadrill has amended the term credit facility provided to its subsidiary Seadrill Eminence Ltd. to mature on September 14, 2017, thus getting more time for restructuring plan talks with its banks. 

The driller, which has been in talks with creditors for months, said on Tuesday that the amendment was implemented by way of a scheme of arrangement under section 99 of the Companies Act 1981 of Bermuda.

The scheme received approval from 100 percent of the number and 100 percent by value of the scheme creditors voting at the scheme meeting and was sanctioned by the Supreme Court of Bermuda on August 14, 2017.

According to Seadrill, the amendment aligns the maturity of the facility with that of the company’s $400 million credit facility and the revolving credit facility provided to North Atlantic Drilling Ltd., a majority owned subsidiary of the company, thereby providing an additional period for negotiations to continue with the company’s bank group and other stakeholders over a comprehensive restructuring plan.

Back in July, the driller was given some breathing space in an effort to restructure its reported $14 billion debt by reaching an agreement with its bank group to extend the comprehensive restructuring plan negotiating period until September 12, 2017.

Share this article

Follow Offshore Energy Today

Posted on August 15, 2017 with tags .

Events>

<< Mar 2020 >>
MTWTFSS
24 25 26 27 28 29 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 31 1 2 3 4 5

Navingo Career Event

The Navingo Career Event is Europe’s biggest career event for the maritime…

read more >

Offshore Technology Conference (OTC) 2020 Postponed

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

OWI APAC 2020

Over the two-day conference, 30 expert speakers will share exclusive insight to help drive well work efficiencies through innovative…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

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