Seadrill Re-Hires Houlihan in Fresh Debt Restructuring Effort

Billionaire John Fredriksen’s Seadrill Ltd. re-hired long time adviser Houlihan Lokey Inc. to engage in fresh talks with lenders, people familiar with the situation said.

The drilling operator, which was already struggling before the coronavirus outbreak, plans to negotiate with creditors after its business was hurt further by the historic slump in oil prices over recent weeks, according to the people, who asked not to be identified because the information is private.

After going through a massive restructuring less than two years ago, Seadrill depended on a swift market recovery that hadn’t materialized even before the current turmoil. The ...