Seadrill Limited and Empresa de Servicos e Sondagens de Angola, an affiliate of Sonangol, have formed a 50:50 joint venture named Sonadrill to operate four drillships in Angolan waters.
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.
John Fredriksen’s Seadrill has reached agreement on extending the period of its restructuring negotiations and on the maturity of two loan agreements, but still expects to file for Chapter 11 bankruptcy protection.
North Atlantic Drilling Ltd (NADL) has scored two 10-year jack-up rig contracts with ConocoPhilips worth an estimated $1.4bn.
John Fredriksen’s Seadrill is warning investors of losses ahead of likely schemes of arrangement or Chapter 11 restructuring.