This weekend, Seadrill, the John Fredriksen-controlled rig operator announced that a forbearance agreement with a series of creditors expired on Friday, Shipping Watch reported. The forbearance agreement was announced by Seadrill just before New Year. The deal was entered with a series of creditors and applied to 9 of the group's 12 senior secured facilities, said that the company at the time. The expiration of the deal means that Seadrill could now be facing default claims from creditors if the company fails to make interest payments, according to the latest update. Like many other players in the drilling sector, Seadrill has been severely strained throughout 2020, with a large oil price drop and coronavirus. The company is expected by many observers to be the next company to file for chapter 11 in the U.S. in order to settle a large restructuring of its debt. Seadrill has not shied away from the fact that it might be necessary to go through the courts to settle a restructuring.
