Winding up order issued for offshore drilling company
The Supreme Court of Bermuda has granted an order winding up Seadrill Limited, the Bermudian-based offshore drilling company.
The winding-up order was made by Puisne Judge Larry Mussenden after hearing from lawyer Rhys Williams of Conyers, representing the company.
The proceedings in Bermuda were parallel to a chapter 11 reorganisation of the company in Texas, the effective date of which was February 22.
The winding-up petition was filed by the company in the Supreme Court here on the basis that it was unable to pay its debts, with the expectation that the company would be wound up once the restructuring in Texas was complete.
Mr Williams said the reorganisation was a debt for equity swap.
He invited the court to make the winding-up order, saying that there was now no reason for the company to continue.