Offshore drilling rig contractor Seadrill has filed for bankruptcy protection at a U.S. court, it said on Wednesday, the second time in four years the company has entered into a chapter 11 restructuring, Reuters reported. The Oslo-listed group controlled by Norwegian-born billionaire John Fredriksen returned to court along with several subsidiaries after failing to win consent from bank lenders to postpone payments on $5.7 billion of debts. Its total debts and liabilities stood at $7.3 billion at the end of the third quarter of 2020. “This announcement marks the start of the court supervised process that will create a company that is financially sustainable for the long term,” Chief Executive Stuart Jackson said in a statement.
