Seadrill repeats Chapter 11 warning; extends debt talks

Oslo

OFFSHORE drilling contractor Seadrill again delayed restructuring its US$14 billion in debt and liabilities on Wednesday and reiterated that Chapter 11 bankruptcy was likely.

Once the biggest offshore rig firm by market value and the crown jewel in the business empire of Norwegian billionaire John Fredriksen, Seadrill shares have fallen 99 per cent from a September 2013 peak.