Photo of Seadrill’s West Pegasus, via Captain Freeman
By Mikael Holter
Dec. 8 (Bloomberg) — Billionaire John Fredriksen bought shares in Seadrill Ltd. for $33.5 million, boosting his stake in the offshore driller to 23.9 percent as the stock fell close to the lowest in more than five years amid a slump in oil prices.
Hemen Holdings Ltd., indirectly controlled by trusts established by Fredriksen and the biggest owner of Seadrill, bought 2.7 million shares at $12.4 apiece on Dec. 5, the Hamilton, Bermuda-based rig company said in a statement. Seadrill dropped as much as 4.5 percent to $11.78 in New York that day, the lowest price since May 2009, and closed at $12.32.
Seadrill and a series of other oil-service companies have been hit by a drop in oil prices since June that has weakened demand, leading to dividend cuts, write-downs and takeovers. Seadrill, one of the world’s biggest offshore drillers, has fallen 36 percent since it suspended dividends on Nov. 26.
The shares rose as much as 8.2 percent in Oslo today, the most since Feb. 26, 2010, and traded at 91.4 kroner as of 9:28 a.m. local time.
Copyright 2014 Bloomberg.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 105,925 members that receive our newsletter.
Have a news tip? Let us know.
ROME (Reuters) – An Italian judge on Friday cleared three migrant sea rescue charities that had been accused of abetting irregular immigration in complicity with human traffickers, throwing out a case opened...
April 19 (Reuters) – A New York state agency on Friday said it had failed to reach final contract agreements with the developers of three major offshore wind projects, blaming a decision by General...
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 105,925 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
