John Fredriksen's Seadrill has given North Atlantic Drilling (NADL) another month to pay back a short-term loan.
Seadrill, the majority shareholder, has extended the $25m revolving credit facility from 31 March to 31 April.
It was issued on 31 January.
"This interim funding arrangement has been put in place while broader restructuring negotiations continue at both companies," NADL said.
Seadrill has said it will need to redraw loans to raise fresh equity, while new money providers are guiding that bond debt will need to be converted to equity.
While
