Restructuring & Reorganization
Selected Transactions

Completed June 2009

Company Description
SeaDragon was a leading offshore oil services company with two state-of-the-art 6th generation ultra-deepwater submersible rigs under construction and due to be delivered in 2011 / 2012.

Situation Overview
Advised SeaDragon on a successful standalone restructuring plan, whereby existing lenders acquired the rig assets and agreed to fund the remaining rig construction costs. Existing SeaDragon shareholders maintained a minority interest in the rigs and a new industrial partner was brought in to manage the remainder of the construction process.

Transaction Summary
The Company needed to renegotiate existing lending arrangements, raise funding to complete rig construction and strengthen the construction management process. Indebtedness at the time of the restructuring was in excess of $1.1 billion.

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