BANKRUPTCY PLAYS

[sludgehound]

SDRL Seadrill Shares Plunge 31% On Chapter 11 Plan
-- Market Talk

10:27 am ET August 24, 2017 (Dow Jones)
10:27 ET - Shares of offshore drilling services major Seadrill (SDRL) plunge 31% to less than twenty cents after saying it will likely file for bankruptcy protection next month. The Bermuda-based company, controlled by Norwegian shipping magnate John Fredriksen, says its $10B restructuring plan will likely "be implemented via Chapter 11 proceedings on or before September 12." SDRL is one of the world's biggest offshore drilling companies with 68 oil rigs. It faces a $1B maturing bond in September, with daily leases for its rigs falling from $800,000 to less than $200,000 over the past 18 months as cheap oil from US shale drilling flooded the market. SDRL has warned shareholders that they will suffer heavy losses in any restructuring exercise. ([e-mail])

(END) Dow Jones Newswires

August 24, 2017 10:27 ET (14:27 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.