Oil and gas industry contractor Seadrill has emerged from chapter 11 bankruptcy.
Seadrill said its financial restructuring had provided it with more than $1 billion in fresh capital, leaving employees, customer, and ordinary trade claims largely unimpaired.
The company said it was in a strong position to execute its business plan.
It has total cash of $2.1bn, secured bank debt of $5.7bn with the first maturity in 2022, new Secured Notes of $880m maturing in 2025 and a backlog of $2.3bn.
A newly constituted board has been appointed, consisting of John Fredriksen, as chairman, Harald Thorstein, Kjell-Erik Ostdahl, Scott D. Vogel, Peter J. Sharpe, Eugene I. Davis, and Birgitte Ringstad Vartdal.
Mr Fredriksen said: “We are pleased to be emerging from chapter 11 and moving forward with a solid financial foundation on which we will continue to grow and strengthen our business.”
Anton Dibowitz, CEO of Seadrill Management, said: “I would like to thank our customers, vendors and financial stakeholders for their continued loyalty and support throughout the restructuring process. I would also like to thank all our employees for their continued hard work and dedication during this period and whose efforts were a key part of concluding this restructuring process.”