Shares plunged 48% to a historic low of C$1.35 ($1.29) as the company posted a net loss of $149 million.
Niko, which has exploration interests from South-East Asia to Trinidad, said it is in talks with lenders about a financing agreement of $340 million to help carry out the restructuring.
Niko said it has also signed a letter of intent with Diamond Offshore on a payment agreement for the services of the Ocean Lexington and Ocean Monarch contingent on the financing.
"Despite
