Seadrill Ltd (NYSE:SDRL) has hired Morgan Stanley and Houlihan Lokey to advise it on debt-restructuring. According to Bloomberg, which cited two sources close to the matter, the company has a high debt burden, worth $11 billion, including bonds.

According to Bloomberg, the drilling contractor held discussions with financial advisers, after its lenders recently formed a committee to lead the talks. The committee appointed law firm White amp; Case and adviser Lazard, for guidance.

The company wants to avail the financial services providers to help restore its liquidity and restore the ability to continue operations. Offshore drillers like Seadrill too are facing the crunch of low oil prices, in the form of weak balance sheet positions, and struggle to offload debt, as offshore drilling contracts fall short.

Seadrill has unsecured bonds worth $2.6 billion, and $8.4 billion of bank facilities. According to data collected by Bloomberg, the company has $3.5 billion in debt, due by the end of 2017.

In an interview with Bloomberg last month, Seadrill CEO Per Wullf said in order to tackle its debt burden, the company seeks to have a plan that has the consent of banks and bondholders, towards the end of June. Analysts suggest the plan may include the issuance of new shares worth $1 billion. He added that coming to an agreement that has multi-faceted support would not be easy, owing to the companys vast number of creditors.