Billionaire John Fredriksen’s Battle at Sea

by Chris Hughes (Bloomberg) Shipping billionaire John Fredriksen struck a deal to save his Seadrill Ltd oil services company from collapse in 2017. Next year, he faces a fight to keep the plan together. When oil majors cut drilling as crude prices collapsed in 2014, rig-supplier Seadrill was hit hard. Cash flows fell too low to support a $9 billion debt pile; the company's … [Read more...]

Billionaire Fredriksen Raises Fresh Cash for New Rig Company

By Mikael Holter (Bloomberg) -- Northern Drilling Ltd., a company set up by billionaire John Fredriksen to buy offshore drilling rigs on the cheap, raised 2.03 billion kroner ($250 million) in a private placement to expand its fleet. The company said on Friday it sold 31.8 million new shares at 64 kroner apiece, equal to the stock’s closing price on the Oslo Axess market a … [Read more...]

Frontline Drops DHT Pursuit and Steers Away from Deals

By Ole Petter Skonnord OSLO, June 26 (Reuters) - Oslo-listed oil tanker firm Frontline has abandoned its pursuit of New York-listed rival DHT Holdings and is not working on any alternative acquisitions, Frontline's CEO told Reuters on Monday. DHT last month rejected a fifth takeover proposal from billionaire shipping tycoon John Fredriksen's Frontline, calling the $500 … [Read more...]

Fredriksen Expects Rise In Storage Of Oil On Tankers

by Ole Petter Skonnord (Reuters) Tanker firm Frontline, controlled by billionaire investor John Fredriksen, expects a growing number of supertankers to be used for storing crude in anticipation of higher oil prices, its chief executive told Reuters on Friday. While none of Frontline's own vessels are currently used for this purpose, independent shipbrokers estimate that … [Read more...]

Energy Hedge Fund Run by Former `Big Wolf’ Trader Delivers 46% Return

By Mikael Holter (Bloomberg) -- Two former associates of billionaire shipping and rig tycoon John Fredriksen are delivering out-sized returns by snapping up distressed and shunned oil-related assets. And they say it’s a bet that has plenty of room to run. Titan Opportunities Fund, set up by Espen Westeren and Fredrik Halvorsen, has returned 46 percent in its first nine … [Read more...]