Parker Drilling Files for Bankruptcy Protection

By Liz Hampton
Wednesday, December 12, 2018

Parker Drilling files for pre-arranged Chapter 11 reorganization

Oilfield services provider Parker Drilling Co said it filed for bankruptcy protection on Wednesday under an agreement with a group of debtors that will allow it to quickly restructure.

The plan, which is subject to court approval, will reduce its funded debt by two-thirds and inject $95 million of equity capital through a backstopped rights offering, the company said. It expects to emerge from bankruptcy protection in early 2019.


(Reporting by Liz Hampton; Editing by Richard Chang)

Categories: Legal Finance Drilling North America

Related Stories

Oman’s Block 50 Offshore Drilling Ops Face Further Delays

Oil Prices Edge Lower Amid Uncertainty Over US-Iran Deal

Global Businesses Face Mounting $25 Billion Fallout From Iran War

Global Oil Supply to Fall Short of Demand as Iran War Goes On, IEA Says

Iraq, Pakistan Secure Oil Shipments via Hormuz with Iran Agreements

Brent Near $114 as Middle East Conflict Continues

US-Israel War on Iran Creates Biggest Energy Crisis in History

Oil Flows to Lag Even if Hormuz Strait Reopens

Eni Makes Major Gas Discovery Offshore Indonesia

Metropolitan CCS Cleared to Drill CO2 Storage Wells off Japan

Current News

Oman’s Block 50 Offshore Drilling Ops Face Further Delays

Aramco Picks McDermott for Energy Projects in Saudi Arabia

Velesto’s Jack-Up Rig Up for Gulf of Thailand Drilling Campaign

Kuwait Sees 70% Oil Output Recovery within Two Months of Hormuz Reopening

Capricorn Energy Grants Third Extension for Potential Takeover Offer

Ichthys LNG Strike Causes Delay to Taiwan-Bound Cargo

Indonesia Targets Higher Oil and Gas Output in 2027

Inpex Faces Threat of Broad LNG Loading Ban as AU Labour Dispute Deepens

INEOS Inks LNG Supply Deal with Marubeni for Asian Markets

Cambodia Starts UN Process to Resolve Maritime Dispute with Thailand

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com