Transocean and Dolphin Drilling make new bid for Seadrill

Fossil energy – drilling

Offshore drilling rig contractors Transocean and Dolphin Drilling have made a new offer to buy the assets of stricken rival Seadrill, Dolphin’s chief executive said on Friday.

Oslo-listed Seadrill, founded by Norwegian-born tycoon John Fredriksen, is seeking to emerge from U.S. Chapter 11 bankruptcy proceedings under an alternative financial plan filed in court last month.

“I can confirm that Dolphin and Transocean submitted an updated bid yesterday,” Dolphin Chief Executive Bjoernar Iversen told Reuters.

Norwegian business daily Finansavisen, which was first to report the new offer, said the bid valued Seadrill’s assets at $1.7 billion.

For the bid by the two rivals to succeed, they would have to persuade Seadrill’s creditors that their offer is superior to the company’s own restructuring plan.

Original Source: https://ocean-energyresources.com/2021/08/22/transocean-and-dolphin-drilling-make-new-bid-for-seadrill/