Fredriksen Steps Down as Seadrill’s Board Chairman

By Mikael Holter (Bloomberg) -- Billionaire John Fredriksen stepped down as chairman of Seadrill Ltd., raising the question of whether he could become less supportive of an offshore-rig company struggling with high debt. Fredriksen was instrumental in pulling Seadrill through a massive restructuring by injecting fresh cash, but the company remains the most leveraged offshore … [Read more...]

Norwegian Billionaires Head for Showdown With Supply Creditors

By Mikael Holter (Bloomberg) -- Billionaires Kjell Inge Rokke and John Fredriksen used the oil-market downturn to force a series of mergers on Norway’s struggling offshore supply industry. Now, they’re heading for a final showdown with creditors. Solstad Offshore ASA, the company resulting from deals orchestrated by Rokke and Fredriksen, said on Monday it would start … [Read more...]

John Fredriksen-Run Hedge Fund Making Millions on Oil’s Recovery

  By Mikael Holter (Bloomberg) -- A hedge fund run by a former associate of billionaire John Fredriksen has gained 69 percent in two years betting on shunned oil-related assets -- and it’s not nearly done exploiting the recovery. The Titan Opportunities Fund, which now manages about $100 million, started investing in June 2016 after a collapse in crude … [Read more...]

Seadrill Reaches Joint Restructuring Deal with Creditors

By Nerijus Adomaitis and Tom Hals OSLO/WILMINGTON, Del., Feb 26 (Reuters) - Shipping tycoon John Fredriksen has reached an agreement with a majority of creditors over a restructuring plan for oil rig firm Seadrill Ltd, according to U.S. court documents on Monday. The company, once the world's largest offshore driller by market value, filed for Chapter 11 bankruptcy … [Read more...]