October 17, 2018 / 9:39 PM / a month ago

Pacific Drilling seeks bankruptcy court approval for drillship deal

Pacific Drilling SA is seeking court approval of a deal with Credit Agricole Corporate and Investment Bank that the bankrupt drillship operator says will put one of its vessels back to work off the coast of Nigeria next month, generating “substantial revenue” for its estates and creditors.

The letter of credit for about $32 million that Credit Agricole has agreed to issue will take the place of a cash deposit for a bond with Nigerian authorities needed for Pacific Drilling’s “Pacific Bora” ship to resume operations in Nigerian waters, the company said in a filing on Tuesday in U.S. Bankruptcy Court in Manhattan.

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