Offshore oil driller Seadrill plans to emerge from chapter 11 protection in late June or early July to catch the rising wave of rig market activity, its chief executive told said yesterday, Reuters reported. The company won U.S. court approval on Tuesday for its multi-billion dollar debt restructuring plan after reaching a deal with more than 40 banks, unsecured creditors and shipyards. “The confirmation is the most significant milestone in the process, and now we need to implement the plan over 60 to 90 days. Obviously, we would like to do it as fast as possible,” said CEO Anton Dibowitz. Seadrill plans to expand relations with Schlumberger (SLB.N), the world’s largest oil services firm, and other suppliers to the global oil and gas industry, although the company had no immediate consolidation plans, he added.
