Transocean and Dolphin Drilling make new offer for Seadrill rigs

Rival offshore drillers Transocean and Dolphin Drilling have reportedly made a new bid to take over assets from financially troubled Seadrill.

According to the Norwegian business daily Finansavisen, the new bid valued Seadrill’s assets at NOK15.4bn ($1.7bn).

In July, Transocean, Dolphin Drilling, and a third undisclosed partner had their first shot at the John Fredriksen-controlled offshore drilling units, which was shortly followed by Seadrill’s new restructuring plan. The financial details of that bid were not disclosed.

Seadrill has reached an agreement with most of its lenders on a new rescue plan that would see the company raise $350m in new financing and reduce its liabilities by over $4.9bn. The offshore driller, which is in its second bankruptcy proceedings in the US in a few years, secured the backing of just under 60% of the lenders. The plan, if implemented, would see the current shareholders retain 0.25% of the company.

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

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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