HOUSTON, Oct. 13 (UPI) -- Delays in getting developments in the North Sea into production were part of the reason behind a bankruptcy filing, oil producer Endeavour International said.
Endeavor said the Bacchus and Rochelle developments in the North Sea were delayed by more than a year. This, in turn, caused to the company to exceed original cost projections.
By filing for Chapter 11 bankruptcy protection, the company said its existing debt obligations would be cut by $568 million.
Apart from operations in the North Sea, the company holds interests in the Marcellus shale reserve area in the United States. It holds an estimated 23.5 million barrels of oil equivalent reserves and said it would still produce oil while in bankruptcy.
"It has been a significant accomplishment by the company and a very long process to get our North Sea developments online," company director William Transier announced Saturday. "We continue to believe that these are quality long lived assets that can generate substantial returns for the company's stakeholders."