Seadrill Partners files bankruptcy with over $3.12 billion of debt

By Sarah Lizee

Olympia, Wash., Dec. 1 – Seadrill Partners LLC filed voluntary petitions under Chapter 11 on Tuesday in the U.S. Bankruptcy Court for the Southern District of Texas.

The company has been in negotiations with an ad-hoc group of lenders under its term loan B credit facility regarding a consensual reorganization of the company’s balance sheet, according to a press release.

Seadrill Partners said it intends to use the bankruptcy process to ensure that all customer, vendor and employee obligations are met without interruption and to complete a consensual restructuring of its debt.

According to court documents, the company has $4.58 billion in assets and $3.12 billion in debt.

The company’s largest unsecured creditors are Seadrill Ltd., based in London, with a $55.65 million contract claim, Transocean, based in Houston, with a $6.67 million settlement claim, and Marsh AS, based in Oslo, with a $3.81 million trade payable claim.

London-based Seadrill Partners own, operates and acquires offshore drilling rigs. The company was formed by Seadrill Ltd., which filed Chapter 11 bankruptcy on Sept. 12, 2017 and emerged on July 2, 2018.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.