Seadrill takes action to insulate Seadrill Partners from restructuring

Indebted offshore driller Seadrill Limited has made changes to its credit facilities to insulate Seadrill Partners, a limited liability company formed by Seadrill Limited to own drilling rigs, from its restructuring.

Seadrill Limited informed on Thursday it has completed amendments to three secured credit facilities that relate to rigs bought by Seadrill Partners from the company that will insulate Seadrill Partners from events of default related to the company’s likely use of chapter 11 proceedings to implement its restructuring plan.

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