Offshore drilling rig contractor Transocean Ltd and Dolphin Drilling put forward a new offer to purchase Seadrill Ltd. Seadrill is seeking to restructure over $7bn of debt in exchange for handing control of the company as it seeks to emerge from bankruptcy proceedings. “I can confirm that Dolphin and Transocean submitted an updated bid yesterday,” said Dolphin Chief Executive Bjoernar Iversen. The bid valued Seadrill’s assets at $1.7bn as reported by Norwegian business daily Finansavisen. The bid placed by Transcocean and Dolphin must convince creditors that it is superior to the company’s restructuring plan in order to succeed. “This has the support of almost two-thirds of our creditors, who not only support our plan but (also) our long-term business strategy and plans to emerge,” said Seadrill spokesperson Iain Cracknell. Noble Corp, an offshore driller who came out of bankruptcy in February, also submitted a bid for Seadrill’s assets in May.
Transocean´s dollar bonds were down with its 6.875% 2027s down 2 points to 95.25, yielding 7.97% and its 9.35% 2041s down 3.53 to 55.471, yielding 17.33%.
For the full story, click here
