Seadrill has gained increased bondholder support for a revised financial restructuring plan due to be presented to a Texas court in the US shortly that looks set to keep the beleaguered rig giant afloat, writes Steve Marshall.
The London-based contractor is finally closing in on a solution to refinance massive liabilities totalling around $11 billion, including $8 billion in net interest-bearing debt, after filing for US Chapter 11 bankruptcy protection in September last year following a torturous two years of talks with creditors.
