Seadrill Has To Save North Atlantic Drilling Again [Seeking Alpha]
Seadrill Limited Common Shares (SDRL)
Last seadrill limited common shares earnings: 8/25 04:01 pm
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US:NYSE Investor Relations:
seadrill.com/investor-relations.aspx
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Source: Seeking Alpha
Summary Seadrill ( SDRL ) just reported that it increased the capacity of the revolving credit facility provided to North Atlantic Drilling ( NADL ) from $150 million to $200 million. Meanwhile, September 12, 2017, remains the maturity day of this facility. Thus, Seadrill has to extend credit to North Atlantic Drilling just days before restructuring details will be published. North Atlantic Drilling’s second quarter report showed that the company was burning cash, suffering from both operating losses and interest payments. The situation with North Atlantic Drilling is one of the reasons why Seadrill could not kick the can down the road in perpetuity with its comprehensive restructuring. North Atlantic Drilling needs constant help from its parent as evident from multiple increases in the size of the credit facility provided by Seadrill to North Atlantic Drilling. As a reminder, the original facility was established back in January and had a size of only $25 mi
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