OSLO: Offshore drilling contractor Seadrill delayed the restructuring of its US$14 billion in debt and liabilities on Wednesday and reiterated that Chapter 11 bankruptcy proceedings were likely.
Once the worlds biggest offshore rig firm by market value, its shares have plunged 99% since a peak hit in September 2013.
The crown jewel in the business empire of billionaire of John Fredriksen has struggled as energy firms have slashed investment due to a more than 50% fall on crude prices since 2014.
(Seadrill) has reached an agreement with its bank group to extend the comprehensive restructuring plan negotiating period until Sept 12, the firm said in a statement, pushing back a previous July 31 deadline.
In April, Seadrill warned its shares woul…
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