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SeaDrill Shares Surge on Possible $1.2B in New Loans

The company's shares soared after SeaDrill's chairman said he's ready to provide the company with a major loan.

SeaDrill's (SDRL) - Get Seadrill Ltd. Report chairman and top shareholder appears to be putting his money where his mouth is by offering to lend the Bermuda-based deepwater driller as much as $1.2 billion. The company's shares soared Tuesday after SeaDrill's chairman appears ready to provide the company the major loan to help it restructure its more than $9 billion debt stack, according to Bloomberg. The offer was reportedly made via a group of fewer than 10 banks. SeaDrill shares have recently been pressured by a wave of new rigs throughout the industry.

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