Seadrill New Finance has emerged from the Chapter 11 process and is to become Paratus Energy Services after completing its restructuring under the reorganisation plan.
A unit of offshore driller Seadrill filed a fast-tracked reorganisation plan in Houston bankruptcy court on January 12 this year. The approval will see secured noteholders take over most of the equity in Seadrill New Finance, with Seadrill retaining the remaining 35%, effecting a separation of Seadrill New Finance and its subsidiaries, including the Seabras Sapura assets and SeaMex, from the consolidated Seadrill group.
A new board of directors of Paratus Energy Services has been appointed, consisting of Mei Mei Chow, Jim LaChance, Matt Lyne, and James Ayers, with Sergio Delgado, who will initially act as an observer. The plan called for between three and five members, up to four of which would be appointed by the noteholders, with the remaining director to be appointed by Seadrill.
The move is not expected to impact the recoveries existing shareholders will receive under the Seadrill Limited plan. Moving forward, Seadrill or its subsidiaries will continue to provide certain management services to Paratus Energy Services.