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Oil-Industry Bankruptcies Spread as Driller Fieldwood Files (3)

Aug. 4, 2020, 7:37 PM

Fieldwood Energy Inc., an offshore oil driller, has become the latest energy company to seek bankruptcy protection.

The firm listed both estimated liabilities and assets of $1 billion to $10 billion in a Chapter 11 filing in the Southern District of Texas. The company, whose related entities include Dynamic Offshore Resources NS LLC, had previously filed for bankruptcy in 2018.

Fieldwood plans to continue operating while the restructuring proceeds and will draw on cash on hand as well as debtor-in-possession financing provided by some first-lien term loan lenders, according to a statement released on Tuesday.

“Ultimately, the precipitous decline ...