Seadrill in crisis

 
Seadrill in crisis
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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.

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