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OFS - Seadrill seeks restructuring as founder exits chairman’s post - December 2019
SeaDrill is reaching out to lenders to restructure its debt, 16 months after exiting bankruptcy. Billionaire John Fredriksen retired Nov. 21 as chairman of the company he founded in 2005. The company exited Q3 with $6.33 billion in long-term debt and $1.22 billion in cash and cash equivalents, but no term loan maturities until 2022. However, CEO Anton Dibowitz said a company’s debt situation shouldn’t be “measured solely by time and quantum.” “We have......
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