Seadrill Partners has emerged from bankruptcy after successfully completing the reorganization laid out in its Chapter 11 plan.
The plan equitized approximately $2.8 billion in funded debt obligations, leaving the company debt free on emergence. As part of the plan, new management services agreements were entered into for the management of the company’s offshore drilling units, and a transition services agreement was agreed to with the company’s prior management that provides for a “safe and efficient” transition.
“The plan leaves the company well positioned to secure drilling contracts and invest in its high specification ultra-deepwater, harsh environment and tender rig fleet going forward,” Seadrill Partners said in a statement.
In accordance with the plan, Seadrill Partners constituted a new board of directors consisting of Alan Bigman, John Bishop, Daniel Herz, N. John Lancaster and Steven Newman, who will serve as Director and CEO.