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...]
Seadrill’s West Gemini Awarded Contract in West Africa
Offshore drilling contractor Seadrill has announced a contract award from an undisclosed customer for its ultra-deepwater drillship West Gemini in West Africa. The nine-well contract includes three options, each for two wells, and has a total contract value of approximately $84 million. Commencement is expected to start in early Q4 2019 and continue through Q4 … [Read more...]
Seadrill’s Plunge Deepens After Analysts Slash Target
By Mikael Holter (Bloomberg) -- Seadrill Ltd. plunged to the lowest since it emerged from bankruptcy less than year ago after Carnegie Investment Bank AB recommended selling the shares and slashed the price target by 88% amid mounting recovery concerns. The offshore rig market recovery is “not happening fast enough” for Seadrill, Carnegie said in a note to clients on Monday. … [Read more...]
ExxonMobil Contracts Semi-Submersible West Aquarius for Work Offshore Canada
Seadrill Partners announced it has secured a one-well contract with ExxonMobil for its semi-submersible West Aquarius off the east coast of Canada. Backlog for the firm portion of the contract is expected to be approximately $24 million and commencement is expected between May and July 2019, which works out to a day rate of approximately $260,000. The West Aquarius was … [Read more...]
John ‘Big Wolf’ Fredriksen Steers Seadrill Back to Life After Taking $5 Billion Hit
By Mikael Holter (Bloomberg) -- John Fredriksen’s stake in Seadrill Ltd., once worth more than $5 billion, was virtually wiped out in the oil-market crash. Now, the Norwegian-born shipping tycoon is placing a new wager on offshore drilling after overcoming a bondholder rebellion and pushing through the most complicated restructuring ever for the industry. After … [Read more...]