Offshore drilling rig contractor Seadrill has asked creditors to write off more than 85% of its debts in exchange for a 99% stake in the reorganized company, a court filing showed.
The Oslo-listed firm controlled by Norwegian-born billionaire John Fredriksen in February filed for Chapter 11 bankruptcy protection in the United States, the second time it has done so in four years.
Seadrill has in the past year written off billions of dollars worth of assets due to a bleak outlook for the oil sector, and warned in March it expected offshore drilling demand to remain depressed well into 2021.
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