November 13, 2017 / 7:58 PM / 9 days ago

Pacific Drilling succumbs to offshore slump, files for bankruptcy

Drillship operator Pacific Drilling SA filed for Chapter 11 bankruptcy protection on Sunday aiming to restructure roughly $3 billion in outstanding debt amid a slowdown in offshore oil exploration and development.

Chief Executive Paul Reese in papers filed in Bankruptcy Court in New York said Pacific Drilling’s Chapter 11 petition followed more than a year of efforts to overcome sagging demand for its services.

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