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Seadrill sets fast pace for turnaround

Seadrill (NYSE:SDRL) is looking for a swift pass through a bankruptcy that will reduce the holdings of outside shareholders and make way for new money to save one of the world’s largest offshore oil-drilling fleets.

The company is looking to exit bankruptcy in less than a year, and already has about $1B in cash in its coffers, so it won’t need chapter 11 financing to continue business as usual.

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