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SEADRILL ASIA OIL COMPANY FILES FOR BANKRUPTCY

... was founded in 2005 by Norwegian billionaire John Fredriksen. It was incorporated in Bermuda to minimize tax deductions and was operated from offices located in London and Houston. The deepwater drilling contractor was called the crown jewel of the Fredriksen business empire. However, the collapse in oil prices in 2014 forced it to cut back on business, as many oil companies cut their rig costs at the time. In December 2017, the organization filed for bankruptcy. Despite the fact that Seadrill came out of bankruptcy in July 2018, the firm retained ...

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