Offshore drilling company to be wound up – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

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.

Rhys Williams of law firm Conyers

You must be Registered or to post comment or to vote.

Published March 07, 2022 at 3:10 pm (Updated March 07, 2022 at 6:03 pm)

Winding up order issued for offshore drilling company

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon