Seadrill has won a new drillship charter in Brazil as it tries to restructure its business through the US bankruptcy courts.

The Oslo-listed company said Norwegian energy major Equinor is taking the 60,500-gt West Saturn (built 2014) for four firm years, with four years of options, to work on the Bacalhau field in Brazil.

The contract is worth $380m over the four firm years.

Seadrill said a performance bonus provides "meaningful incremental opportunity".

The work will begin in the first quarter of 2022.

Matt Lyne, senior vice president for commercial at Seadrill, said the industry has gone through a challenging period, but the company's long relationship with Equinor was a significant contributor in winning the deal.

"Brazil is undeniably one of the most important deepwater oil and gas basins in the world, and we look forward to playing our role in the future of the industry in this key region," he said.

Fredriksen stake to disappear

Earlier this month, it was revealed that the Chapter 11 restructuring could wipe out all but a small fraction of shipowner John Fredriksen's stake in the drillship and rig owner.

The New York-listed company has proposed a new plan that would reduce bank debt from $5.6bn to $750m. In turn, the creditors would get a 99% stake in Seadrill.

The 85% debt haircut was revealed in a restructuring proposal filed with a US bankruptcy court in Houston, Texas.

If the banks agree to give up most of the debt and take over 99% of Seadrill, they will recoup between 27% and 31% of their claims.

Leading shareholder Fredriksen has 27.2%, but will be left with a fraction of 1% of the company he once controlled.