Offshore driller Seadrill, founded in 2005 by Norwegian tycoon John Fredriksen, expects to emerge from bankruptcy protection this month, most likely before the end of the week after restructuring its debt for the second time in less than three years.
The company’s rescue plan was approved in a US court in October. The creditors will formally take over the company, while the existing shareholders have been marginalised. John Fredriksen should remain with Seadrill with an unsecured bond loan of $50m, convertible into 5% of the new equity.
The new company will be named Seadrill Limited and listed on Euronext Expand in Oslo during the second quarter, before being listed on the main market on the Oslo Stock Exchange. At the same time, it should be listed on the New York Stock Exchange.
Seadrill Limited will have around 50m new ordinary shares, of which 0.25% will be allotted to those who held shares in the old Seadrill. A new board has been appointed, led by the former executive chairman, president, and CEO of rig rival Noble, Julie Johnson Robertson.