Seadrill in crisis

 
Seadrill in crisis
Loading...
Loading...
Norwegian rig giant Seadrill could become one of the largest bankruptcies in history, reports DN.

Seadrill is struggling to survive and the Director of the company does not rule out that the company may be forced to ask for bankruptcy protection.

At its peak on 4th September 2013, the rig giant was worth NOK 147.2 billion ($18 bn) at the Oslo Stock Exchange.

Since then the stock has fallen 95 percent, and in writing, the value of the company is only NOK 7.8 billion. Shareholders have consequently lost NOK 139,400,000,000.

Largest shareholder and CEO, John Fredriksen, has lost tens of billions, and it could become even worse.

Now there is concern that that the rig company, with 116 billion in debts and obligations, could become one of the largest bankruptcies in history, writes DN.

Seadrill Director Per Wullf suggest to the newspaper that the company might seek bankruptcy protection, known as Chapter 11, in order to bring calm enough to try to fix the company.

- If we do not get a deal through negotiations, it is the way to go. If we do not get everyone to move on, we need to refinance in the court, Wullf says to DN.

Should the company's refinancing fail, Seadrill could end up as the 31st biggest bankruptcy in history. And if that happens, it will affect Norway's largest bank hard.

DNB has never said how much Seadrill owe them, but to the financial newspaper, analyst Johan Ström in Carnegie, suggest a sum of about NOK 5.4 billion.

In comparison, the bank had a net profit last year of NOK 19.3 billion.

Comment below.

Loading...


    Donate to Speisa


The globalist psychopaths vs Speisa


Latest
Untitled-2-Recovered-Recovered-Recovered-Recovered-Recovered.jpg
In one month, police in the Swedish city of Malmö have received three reports of brutal gang rapes and torture. Now citizens are warned not to go alone at night.

Untitled-2-Recovered-Recovered-Recovered-Recovered-Recovered.jpg
As mayhem lurks, Sweden hopes to build a civil defense system in cooperation with Norway and Finland, but the country's desperate plea is likely in vain.

Untitled-2-Recovered-Recovered-Recovered-Recovered-Recovered.jpg
Two suicide bombers have attacked a Christian church in southwestern Pakistan, killing 9 people and injuring over 50 others.

View this article in PDF format Print article



DON'T MISS A POST - FOLLOW US ON FACEBOOK!




Disclamer
Comments at Speisa are unmoderated. We do believe in free speech, but posts using foul language, as well as abusive, hateful, libelous and genocidal posts, will be deleted if seen. However, if a comment remains on the site, it in no way constitutes an endorsement by Speisa of the sentiments contained therein.
comments powered by Disqus