Seadrill Warns on Future after Taking $1.2B Write-off

Seadrill announced a writedown of $1.2 billion on the value of its oil drilling rigs on Tuesday and warned it may have to convert part of its $7.4 billion in debt into equity to survive.

“Until such time that an agreement is reached to restructure our borrowing commitments, substantial doubt remains over (the) ability to continue as a going concern,” Seadrill said in its first-quarter earnings report.

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