Oslo and Nasdaq-listed Seadrill today launched a voluntary incentive payment offer to convert any or all of a $650m convertible due in 2017.
Seadrill, Fredriksen’s most profitable company, made the move amid an apology to bondholders who were impacted by the proposed bond issue and subsequent cancellation last week.
“The board bears significant responsibility to all stakeholders and never intends to harm any of the company's loyal supporters, however, the board was left with the difficult decision to accept an unattractive deal or create this unfortunate situation,” Seadrill said.
