The offshore drilling market will take a long time to rebalance as more consolidation and rig retirements are needed to cut oversupply, according to DNB ASA, Norway’s biggest bank.
A subsidiary of struggling offshore drilling contractor Seadrill will be delisted from the New York Stock Exchange after the company filed for chapter 11 bankruptcy.
Seadrill has cleared the first Chapter 11 hurdle.
Seadrill Ltd., the offshore driller controlled by billionaire John Fredriksen, filed for bankruptcy protection after working out a deal with almost all its senior lenders to inject $1 billion of new money into the company.
Struggling offshore drilling contractor Seadrill said today that it expects to file for chapter 11 bankruptcy proceedings within weeks.
Offshore drilling contractor Seadrill has pushed back the maturity date of a revolving credit facility it provided for North Atlantic Drilling.
Struggling offshore drilling contractor Seadrill said today that its lender had agreed to extend the negotiating period for its restructuring plan until September 12.
Seadrill has landed a deal with Statoil Brasil Óleo e Gas for its West Saturn ultra deepwater drillship.
Jurong Shipyard has agreed to put back the delivery of a new rig to Seadrill-subsidiary North Atlantic Drilling to January 2018.
Siccar Point Energy (SPE) has booked a rig for an appraisal well west of Shetland.
Seadrill subsidiary North Atlantic Drilling (NADL) has extended the deadline for closing a landmark deal with Russia's state-run Rosneft.
Seadrill this morning confirmed the appointment of Anton Dibowitz as chief executive.
More than $250million in financial guarantees provided by offshore drilling contract Seadrill will be swapped for a cash payment of $25million.
Seadrill, a London-headquartered offshore drilling contractor, has doubled the size of a credit facility handed to its subsidiary, North Atlantic Drilling.
Seadrill, once the crown jewel of billionaire John Fredriksen’s business empire, is at the mercy of short-term speculators as the biggest funds shun the offshore driller amid a struggle to avoid bankruptcy.
Seadrill has secured three more months to hammer out is restructuring bid.
Billionaire John Fredriksen, already involved in tough talks to restructure the debt of Seadrill Ltd., is planning to register a new offshore rig company next week as he seeks to take advantage of depressed prices for the giant machines.
Seadrill this morning confirmed it reached a settlement with Hyundai Samho Heavy Industries (HSHI) in relation to the West Mira dispute.
Offshore drilling contractor Seadrill said yesterday that it could file for chapter 11 bankruptcy proceedings if it cannot reach an agreement on its restructuring.
Seadrill's chief executive said while he doesn't expect day rates to increase, the slowdown in scrapping has left him feeling optimistic.
Seadrill said today that it had agreed a three year contract extension with Saudi Aramco for the AOD III jack-up rig.
A subsidiary of offshore drilling contractor Seadrill has confirmed it lodged a complaint against Statoil at a court in Stavanger.
Offshore drilling contractor Seadrill suffered a 25% drop in revenues in the third quarter.
Seadrill, a London-headquartered offshore drilling contractor, said today that it had agreed an extension on its lending facility.
The offshore fleet tending to Norway’s oil industry, already sailing through the worst downturn in a generation, is in for even more pain, according to the head of the Norwegian Shipowners’ Association.