I would expect them refinance the CBs by closing / redeeming it...

I would expect them refinance the CBs by closing / redeeming it with a new facility and reducing the amount of USD debt by using some of there USD dollars.

Spec, DLS have the luxury of being a little more patient with further hedging. If they move at 55 then I would like to see a Put not a collar as a zero cost collars needs the same gap on the upside and downside. You can have 55-85 as the money you get from the 85 call would be a fraction of what you pay from a 55 . At 55 Brent the could do a 50-60 zero cost collar but again I would prefer they paid extra to protect downside but maintain more upside
Irrespective they are positioned very well on an absolute and relative basis