Seadrill Partners, Parent Reach Deal to End Services Agreement

April 13, 2021, 8:19 PM

Offshore oil rig owner Seadrill Partners LLC and corporate parent Seadrill Ltd. reached a more than $20 million deal to sever a master services agreement, advancing their efforts to emerge from bankruptcy consensually.

In addition to the $20 million, Seadrill Partners agreed to pay its parent other ongoing costs as it transitions away from a 2017 deal governing its operations and offshore fleet.

Seadrill Partners seeks a smooth transition into new agreements with other drillers and to settle mutual claims involving Seadrill Ltd. and its subsidiaries, the parties said in a joint filing Monday.

Both companies are separately undergoing Chapter...

To read the full article log in.

Learn more about a Bloomberg Law subscription.