Ocyan is one step closer to completing a major restructuring process that will see the Brazilian oilfield services provider spun off its drilling rig business.

Last December, Ocyan agreed to create a new company called DrillCo to manage and operate its fleet comprising the semi-submersible rig Norbe VI and the drillships Norbe VIII, Norbe IX, ODN I and ODN II.

With the restructuring of Ocyan’s debt, a new corporate structure was designed for DrillCo, with four bondholders set to take control of the company, including AIG Asset Management, Contrarian Capital Management, Moneda and Allianz.