Seadrill Drops to Record Low After Warning on Shareholder Losses

Seadrill Ltd., the offshore driller controlled by billionaire John Fredriksen, fell 38 percent after warning its shareholders and bond investors they can expect steep losses in a debt restructuring process that was extended once again.

The stock slumped 5.28 kroner to close at 8.69 kroner in Oslo on Tuesday, the lowest since it was listed in 2005. More than 400 percent of the daily three-month average volume traded.

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