Seadrill Partners gets exclusivity extension to address open issues

By Sarah Lizee

Olympia, Wash., April 7 – Seadrill Partners LLC secured a 90-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the court extended the plan filing period through June 29 and the solicitation period through Aug. 28.

The company said in its motion that although the debtors have filed a plan and disclosure statement, key issues remain open.

Most critically, the debtors have received several alternative proposals for the operation of their vessels since selecting go-forward service providers.

The debtors are currently assessing such proposals and, to the extent they determine any such alternative proposal is superior, will explore execution of an alternative arrangement.

Additionally, the company said the debtors must work with their key stakeholders to negotiate critical documents necessary for implementation of the plan, including negotiating transition services agreements with the debtors’ existing and go-forward service providers to ensure a smooth transition of these services.

“These are fundamental threshold matters that need to be addressed before the plan can be prosecuted and solicitation can occur,” the company said.

London-based Seadrill Partners owns, operates and acquires offshore drilling rigs and filed Chapter 11 bankruptcy on Dec. 1 under case number 20-35740.

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