Seadrill share slumped to record lows in Oslo today after the John Fredriksen-backed driller warned of a major dilution to stakeholders stemming from a developing restructuring effort.

Seadrill stock closed down 38% at NOK 8.69 ($1.01) each in the Norwegian capital today, which Bloomberg says is the lowest figure seen since the company listed in 2005.

As TradeWinds reported earlier today, Seadrill reset a deadline for the restructuring and extended debt maturities.