Rival drillers surround Seadrill assets as it looks to exit bankruptcy

Offshore drillers Noble Corporation and a Transocean-led consortium are reportedly bidding to snap up assets from their restructuring rival Seadrill.

The offer for John Fredriksen-controlled offshore drilling assets was submitted earlier this month by the group comprising Transocean, Dolphin Drilling and a third undisclosed partner, consisting of cash and shares in Transocean as well as an agreement to take on some of Seadrill’s existing debt, Reuters reported. Financial details have not been disclosed.

Noble, which completed its financial restructuring in February this year, also submitted a bid in May for Seadrill’s drillships and rigs, according to a July 1 bankruptcy court filing.

Seadrill filed for chapter 11 bankruptcy protection in the US in February, its second such filing in four years. It told Reuters it remains focused on the restructuring of its balance sheet.

The company owns 34 and manages 11 drilling rigs on behalf of SeaMex, Northern Ocean, Sonadrill and Aquadrill Offshore, formerly Seadrill Partners.