Norwegian drillship and rig operator Fred. Olsen Energy, owner of the yard that built the RMS Titanic, said that it is considering a debt and equity restructuring that would almost wipe out the value of its current shares, Reuters reported. With debt and liabilities of more than $840 million at the end of June, Fred. Olsen last month stopped paying its creditors to preserve liquidity, making it the latest victim of a slow recovery in the oil and gas exploration sector. The owner of seven drillships and rigs, as well as Belfast’s Harland & Wolff yard, has now received indicative, non-binding proposals from equity investors valuing its current shares and bonds at just $10 million, it said in a statement.
