Seadrill Partners, an affiliate of John Fredriksen’s Seadrill Limited, has emerged from chapter 11 after completing its reorganisation plan.
The plan has equitised around $2.8bn in funded debt obligations, leaving the company debt-free on emergence.
The company has entered into new management services agreements for its offshore drilling units and has resolved all potential claims alleged by related parties, secured and unsecured creditors.
Moving forward, Seadrill Partners will have a newly constituted board of directors, consisting of CEO/director Steven Newman, Alan Bigman, John Bishop, Daniel Herz, and John Lancaster.
On the effective date, existing equity interests in the company will be canceled, released, and extinguished and will be of no further force or effect. Seadrill Partners will issue 20m shares of the new common stock.