Seadrill Ltd ., one of the world’s largest offshore drilling companies, has filed for Chapter 11 bankruptcy protection at the Southern District Texas court as part of a plan to restructure roughly $10 billion in debt, it said Wednesday. The Bermuda-based company is controlled by Norwegian shipping magnate John Fredriksen and operates a fleet of 68 rigs and drillships for customers including Total SA, TOT Petrobras Brasileiro SA and Exxon Mobil Corp. The company said 97% of its bank lenders, 40% of bondholders and a group of investors led by Hemen Holding Ltd., its biggest holder—also controlled by Mr. Fredriksen—had approved the restructuring plan. The creditors have agreed to postpone the repayment of $5.7 billion in secured loans for five years, with $2.3 million in unsecured bonds to be converted into a 15% […]