Seadrill Partners, Parent Reach Deal to End Services Agreement

摘要

Offshore oil rig owner Seadrill Partners LLC and corporate parent Seadrill Ltd. reached a more than $20 million deal to sever a master services agreement, advancing their efforts to emerge from bankruptcy consensually. In addition to the $20 million, Seadrill Partners agreed to pay its parent other ongoing costs as it transitions away from a 2017 deal governing its operations and offshore fleet. Seadrill Partners seeks a smooth transition into new agreements with other drillers and to settle mutual claims involving Seadrill Ltd. and its subsidiaries, the parties said in a joint filing Monday. Both companies are separately undergoing Chapter 11 restructuring proceedings in the U.S. Bankruptcy Court for the Southern District of Texas, which must approve the settlement for it to take effect. Seadrill Partners already has negotiated new service agreements with Energy Drilling Management Pte. Ltd., Vantage Drilling International, Odfjell Drilling Ltd., and Diamond Offshore Drilling Inc. The company is looking to finalize those deals through swift approval of a Chapter 11 plan, the companies said.