Offshore driller Seadrill has given its subsidiary North Atlantic Drilling Limited some headroom, extending the revolving credit facility provided to NADL, to mature on September 12, 2017.
This interim funding arrangement has been put in place while broader restructuring negotiations continue at both companies, Seadrill said. NADL is a subsidiary of Seadrill focused on harsh-environment drilling rigs.
The credit facility was originally entered into on January 31, 2017 for $25 million maturing on March 31, 2017. On April 25, 2017 the facility was amended to mature on June 30, 2017 and was increased to $50 million.
On June 27, 2017 the facility was amended to mature on July 31, 2017 and was increased to $150 million.
The announcement follows last week’s news when Seadrill announced it had itself been given some breathing space by its creditors in an effort to restructure its reported $14 billion debt.
Offshore Energy Today Staff