Chapter 11 Bankruptcy News

 

Weatherford to File for Bankruptcy

May 13, 2019

Irish-domiciled multinational oil and natural gas service company Weatherford International has entered into an agreement with its top creditors that will allow the company to file for a 'prepackaged' Chapter 11 bankruptcy - after more than four years without making a profit…

Harvey Gulf Branches Out Internationally

Apr 04, 2019

Since committing to go global in September 2018, US based Harvey Gulf said on Thursday it has been awarded contracts in Mexico, Trinidad, Guyana and Suriname.The company noted it also has bids for work in Mozambique, Angola, Senegal, Israel…

Seadrill Eyes Brighter Rig Market

Feb 26, 2019

Seadrill's core earnings for the fourth quarter exceeded the company's own guidance, boosted by lower costs and one-off items, while the market outlook for drilling rigs was improving, the Oslo and New York-listed firm said on Tuesday.The company…

Seadrill CFO to Step Down in June

Jan 10, 2019

Norwegian offshore drilling rig firm Seadrill Ltd said on Thursday that Chief Financial Officer Mark Morris will step down following completion of the company's financial restructuring.The company, controlled by Norwegian-born billionaire John Fredriksen…

Parker Drilling Files for Bankruptcy Protection

Dec 12, 2018

Parker Drilling files for pre-arranged Chapter 11 reorganizationOilfield services provider Parker Drilling Co said it filed for bankruptcy protection on Wednesday under an agreement with a group of debtors that will allow it to quickly restructure…

Seadrill Expects Contracting Rigs Market to Improve

Nov 27, 2018

Norwegian offshore drilling rig firm Seadrill Ltd sees the contracting rigs market improving from 2019-20, as it reported its first quarterly results on Tuesday since emerging from Chapter 11 bankruptcy in July.The company, controlled by Norwegian-born billionaire John Fredriksen…

Seadrill CEO Sees 2019 as Another Challenging Year

Nov 27, 2018

The next year will be another challenging time for offshore drillers due to continuing supply overhang even though prices are starting to improve, the chief executive of rig firm Seadrill told Reuters on Tuesday.The Oslo- and New York-listed company…

Seadrill CEO Eyes Rig Market Consolidation as Oil Prices Rise

Sep 14, 2018

Offshore rig owner Seadrill is prepared to make acquisitions if opportunities arise amid ongoing consolidation in the industry, the company's chief executive told Reuters.Competitor Transocean on Sept. 4 announced it was buying deepwater driller Ocean Rig for $2…

Fred. Olsen Energy edges closer to financial restructuring

Aug 07, 2018

Norwegian drillship and rig operator Fred. Olsen Energy, owner of the yard that built the RMS Titanic, is considering a debt and equity restructuring that would almost wipe out the value of its current shares, the company said.With debt and liabilities of more than $840 million at the end of June…

Seadrill Exits Chapter 11

Jul 02, 2018

Offshore drilling rig contractor Seadrill said on Monday it had successfully completed its reorganisation, emerging from a U.S. Chapter 11 bankruptcy process launched last September. The company, once the world's largest offshore driller by the market capitalisation…

Post-Bankruptcy, Seadrill Eyes Closer Oil Service Ties

Apr 18, 2018

Offshore oil driller Seadrill aims to expand relations with Schlumberger, the world's largest oil services firm, and other suppliers to the global oil and gas industry, its chief executive told Reuters on Wednesday. Seadrill plans to emerge…

Borr Drilling Buys Paragon Offshore

Feb 22, 2018

Offshore rig firm Borr Drilling, controlled by Norwegian investor Tor Olav Troeim, is proposing to buy its rival Paragon Offshore for $232.5 million in a push to consolidate the fragmented rig market, it said on Thursday. A plunge in oil…

Hyperdynamics files for Chapter 7 Bankruptcy

Dec 29, 2017

Houston headquartered Hyperdynamics has filed for Chapter 7 bankruptcy relief. The firm, which is focused on exploring offshore the Republic of Guinea, says it had reviewed and analyzed its options, including raising more finance, selling assets…

Cobalt files for Chapter 11 bankruptcy

Dec 14, 2017

Cobalt International Energy reported today (14 December) it has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. But the company says it plans to conduct business as usual, with enough cash…

Talos, Stone to merge in $1.9B stock deal

Nov 21, 2017

Talos Energy LLC and Stone Energy Corp. will merge in an all-stock deal, creating an exploration and production company with a significant acreage footprint in the deepwater US Gulf of Mexico and shallow waters offshore Mexico.   The…

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