Swissco Holdings has seen its restructuring plan slammed by its bank lenders while some of its rigs are facing arrest.
The Singaporean owner has come under more pressure as it was unable to secure lenders’ support for its restructuring.
“In the circumstances, the board will continue to seek and review all debt restructuring options,” Swissco said in a statement today.
In late October, bondholders warned of legal action as Swissco was unable to repay notes worth SGD 100m ($71.9m).
Meanwhile, the Republic of Equatorial Guinea has obtained a court order for the arrest of three rigs.
Following a lawsuit from X-Drill Holding over service contracts, the rigs may later be subject to a judicial sale, Swissco added.
