Bankrupt Seadrill draws competing rig offers from Noble and Transocean consortium

seadrill transocean consortium bankrupt competing
Gulf
  • Date: 07/21/2021
  • Source: Energy Voice
  • Sector: Oil & Gas
  • Country: Gulf

Bankrupt Seadrill draws competing rig offers from Noble and Transocean consortium

Noble Corporation and a consortium including Transocean and Dolphin Drilling are competing to acquire the assets held by the bankrupt driller Seadrill, according to a news report. Citing unnamed sources familiar with the matter, Reuters said the Transocean and Dolphin consortium also includes an unknown third party, which lodged a bid in early July. Their bid consists of cash, shares in Transocean and an agreement to take on some of Seadrill’s existing debt, the news agency reported. Meanwhile Noble Corporation, itself having emerged from the Chapter 11 process in February, submitted a bid in May for the Seadrill asset base according to bankruptcy filings. Reuters said the company remains interested in pursuing the assets. The outbreak of Covid and subsequent downturn last year saw a wave of drillers go bust, including Diamond Offshore and Valaris. In February this year, Seadrill filed for Chapter 11 in the US for the second time in four years, a bankruptcy process whereby a court supervises the restructuring of a business and shields against creditor claims. Seadrill is seeking to restructure its debt pile of more than $7billion in exchange for handing control of the business to creditors Acquiring the assets now from Seadrill could…