Singapore is seeking to become a debt restructuring centre alongside New York and London with changes to its Scheme of Arrangement system to make it closer to US Chapter 11 filings.
The business of Asia Offshore Drilling (AOD), majority owned by Seadrill, is at this at stage excluded from Seadrill’s Chapter 11 filing and AOD will continue operations as per normal.
John Fredriksen’s Seadrill expects to file for Chapter 11 bankruptcy protection by 12 September to implement a restructuring plan.
The continued languishing in the offshore oil markets, as marker crude prices struggled to hold at $50 per barrel, took their toll on two well known US players, both with an international presence. The ongoing shakeout, with units “stacked” as offshore service vessel demand dried up, saw “Chapter 11” bankruptcy filings for both Tidewater, and GulfMark Offshore.
OSV owner and operator Tidewater Inc. will file for Chapter 11 bankruptcy by 17 May following the signing of a Restructuring Support Agreement (RSA) with certain of its lenders.
A subsidiary of EMAS Offshore Limited (EOL), owned by bankrupt Ezra Holdings, is facing a winding up threat after it received a statutory demand from China’s ICBC Financial Leasing for the payment of around $195.02m relating to the termination of a bareboat charter.