More than $250million in financial guarantees provided by offshore drilling contract Seadrill will be swapped for a cash payment of $25million.
London-headquartered Seadrill said it had agreed the deal with oil services company Archer and its lenders.
Seadrill also said it was in talks with the same parties to extinguish the remaining $25million of financial guarantees in exchange for a cash payment representing 10% of their face value.
The moves form part of Oslo-listed Seadrill’s restructuring plans.