Seadrill Files for Bankruptcy in Bid to Shrink Debt Burden
Samsung Heavy Industries Co. said Wednesday it has been in discussions with Seadrill on delaying deliveries of two vessels. Daewoo Shipbuilding & Marine Engineering Co. said it already set aside provisions for possible losses on its order of two drillships and isn’t concerned about additional losses arising from the latest development. Hyundai Heavy Industries Co. said it doesn’t have any outstanding orders with Seadrill.
“Should the plan be implemented successfully, we consider it to be good for Seadrill as an operating company,” analysts at DNB ASA wrote in a note. “The plan seems to give Seadrill a solid liquidity runway and improved visibility, which we believe could help it win more contracts going forward.”
Seadrill has hired Kirkland & Ellis LLP as its bankruptcy law firm, Houlihan Lokey Inc. as financial adviser, and Alvarez & Marsal as restructuring adviser.
The case is In re: Seadrill Americas, Inc., 17-60077, U.S. Bankruptcy Court, Southern District of Texas (Victoria).
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