Wednesday, May 22, 2019

Post-Bankruptcy, Seadrill Eyes Closer Oil Service Ties

Posted by April 18, 2018

File Image (CREDIT: AdobeStock / © xmentoys)

Offshore oil driller Seadrill (SDRL) aims to expand relations with Schlumberger (SLB), the world's largest oil services firm, and other suppliers to the global oil and gas industry, its chief executive told Reuters on Wednesday.
 
Seadrill plans to emerge from Chapter 11 bankruptcy proceedings in late June or early July, following a U.S. court's approval on Tuesday of its multi-billion dollar debt restructuring plan, CEO Anton Dibowitz said.
 
"The confirmation is the most significant milestone in the process, and now we need to implement the plan over 60-90 days. Obviously, we would like to do it as fast as possible," he added.
 
Seadrill is already cooperating with Schlumberger in India to offer integrated services and may expand this to other locations and partners, although the company has no immediate consolidation plans.
 

"Equally, we are in discussions with all major oil service companies, and if there are opportunities that makes sense for both of us, we will certainly entertain that," Dibowitz said. 

 

By Nerijus Adomaitis

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