Seadrill is believed to have hired Houlihan Lokey and Morgan Stanley as advisers during negotiations for its $11bn debt restructuring, reports say.
The Fredriksen-headed company’s bank creditors formed a committee this month to lead the talks and have appointed adviser Lazard and law firm White & Case, sources told Bloomberg.
Seadrill has $2.6bn of unsecured bonds and $8.4bn of bank facilities. Almost $3.5bn of debt is due by the end of next year, the newswire said.
“In the face of the severe downturn in our industry, our priorities for 2016 are to conserve cash and address our financing needs,” Per Wullf, CEO and president of Seadrill Management, said in February.
The company is targeting $260m of savings during 2016, which will include further headcount reductions. Seadrill cut a total of 2,347 jobs during 2015, bringing staff numbers down from 9,450 to 7,103 employees.
For the fourth quarter 2015, Seadrill posted revenues of $959m, down $26m on the previous quarter, while net operating income was $223m.