Offshore Driller Seadrill Emerges From Chapter 11 Bankruptcy

Offshore drilling rig contractor Seadrill Ltd. (NYSE: SDRL) said July 2 it had successfully completed its reorganization, emerging from a U.S. Chapter 11 bankruptcy process launched last September.

The company, once the world’s largest offshore driller by the market capitalization, was forced to seek protection from creditors when it was unable to repay its debts amassed during boom years to buy new rigs.

When oil prices fell in 2014, oil companies canceled or postponed exploration plans to save cash which reduced demand for offshore drilling rigs.