Shares of Seadrill (SDRL - Get Report) fell behind by 36.53% to $1.06 on Tuesday morning. After the offshore drilling contractor warned that its debt restructuring process will result in significant losses for its shareholders and bond investors.

The company also said that it has reached an agreement with its banking group to extend its debt restructuring process to July 31 from April 30.

READ MORE: Seadrill Stock Plummeting, Shareholders Face Losses

This article was written by a staff member of TheStreet.