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

Sunda, Finder Target Shared Rig for Timor-Leste Offshore Drilling

IEA: Current Oil And Gas Crisis Exceeds Past Shocks Combined

Oman’s Block 50 Offshore Drilling Ops Pushed to May

Bahrain Push for Hormuz Shipping Resolution Hits Hurdles at UN

PV Drilling Names New ‘Super Rig’ ahead of April Operations

Iran War Sends LNG Prices Soaring, Curbing Asia Demand

Rising Costs of War: Gulf Energy Infrastructure Stares Down $25B Repair Bill

Oil Falls on Middle East Ceasefire Hopes, Easing Supply Fears

IEA Weighs Further Oil Stock Releases as War on Iran Continues

Eni Advances Major Deep Water Gas Hubs with Dual FIDs

Current News

Petra Energy Secures Work Orders from Petronas for Sarawak Gas Project

Middle East Producers Gear Up for Hormuz Export Restart

Israel Orders Restart of Ops at Karish Offshore Gas Platform

Oil Rises as Fragile Middle East Ceasefire Sustains Supply Risks

Glencore, Taiwan’s CPC Charter Tankers as Hormuz Reopens

Nam Cheong Locks In Two OSV Charters amid Tight Southeast Asia Supply

Sunda, Finder Target Shared Rig for Timor-Leste Offshore Drilling

France Leads 15-Country Effort to Reopen Strait of Hormuz

Oil Tumbles, Stocks Surge on Middle East Ceasefire

ABL Transports Northern Endeavour FPSO to Recycling Yard

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