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...]

Fredriksen ‘Close’ Seadrill Debt Restructuring Deal

OSLO, Feb 17 (Reuters) - Seadrill's main owner, billionaire John Fredriksen, is close to reaching a final agreement with banks, bondholders and South Korean shipyards on a financial restructuring plan, the drilling rig company said in a court filing. The Oslo and New York-listed firm, once the world's largest offshore driller by market value, filed for Chapter 11 bankruptcy … [Read more...]