Offshore drilling services provider Seadrill Ltd said on Tuesday it had filed for Chapter 11 bankruptcy and entered into a restructuring agreement with bank lenders, bondholders and a consortium of investors. Seadrill Ltd, is controlled by Norwegian billionaire John Fredriksen. A deal with a consortium of investors, as well as bank lenders and many of its bondholders, will bring in more than $1 billion in fresh funding and aims to allow the firm to maintain its fleet of drilling units and pay creditors and staff. However, its shareholders will see their stakes heavily diluted. “Holders of Seadrill common stock will receive approximately 2 percent of the post-restructured equity,” Seadrill said in a statement published late on Tuesday. Click here and here for the full story.