bankruptcy

Seadrill is seeking options to restructure its $7.3-billion debt. The offshore driller previously emerged from Chapter 11 bankruptcy protection in 2018.

The latest updates on the North American shale sector’s efforts to consolidate and restructure.

The proposed restructuring plan aims to eliminate about $74 million of the company’s debt.

An economic downturn and global pandemic are among many issues US midstream operators are dealing with in 2020, including exposure to upstream bankruptcies, limited M&A activity, and regulatory issues.

Several E&P and OFS companies have already filed for Chapter 11, but unless prices strengthen the total number of filings could be as high as 190 by 2022.

In the region’s second bankruptcy of the month all of the operator’s assets will be sold to a private equity energy group, pending court approval.

Valaris, formed in 2018 after the merger of Houston-based Rowan Cos. and London's Ensco, faces fallout from the oil-price drop, canceled or delayed drilling programs, and contract and day rate modifications.

The Gulf of Mexico E&P exited its first bankruptcy quickly with a strategy that included the acquisition of Noble Energy’s GOM assets, which increased its production volumes 25% when the WTI approached $80/bbl. Fieldwood’s financial woes in today’s economics may be tougher to overcome.

Citing impacts from COVID-19, Noble Corp. is entering into a prearranged agreement with its bondholders that will give it a fresh start with a new line of credit.

Add Denbury Resources to the list of oil companies filing for bankruptcy protection with a plan that may make for a quick trip through the debt-reduction process.