ISTANBUL, July 13 (Reuters) - Turkey has sent two ships and a submarine to monitor a drilling vessel in the eastern Mediterranean Sea, the military said on Thursday, in a move likely to increase tension with Cyprus after reunification talks failed last week. The drilling work, a contractual obligation between Cyprus and France's Total, comes a week after the collapse of … [Read more...]
Seadrill Debt Talks Progress and New CEO Named
By Mikael Holter (Bloomberg) -- Seadrill Ltd. jumped as much as 26 percent as the offshore driller controlled by John Fredriksen said it’s getting closer to a solution to restructure the industry’s heaviest debt load and that it’s promoting a company insider to chief executive officer. Seadrill rose the most since April 11 and was up 19 percent at 5.60 kroner a share as of … [Read more...]
Seadrill at the Mercy of Day Traders as Biggest Funds Dump Stock
By Mikael Holter (Bloomberg) -- Seadrill Ltd., once the crown jewel of billionaire John Fredriksen’s business empire, is now at the mercy of short-term speculators as the biggest funds avoid the offshore driller amid a struggle to avoid bankruptcy. “It’s trading at option value and day traders are the ones pushing the price up and down,” Anders Bergland, an analyst … [Read more...]
Seadrill Drops to Record Low After Warning on Shareholder Losses
By Mikael Holter (Bloomberg) -- Seadrill Ltd., the offshore driller controlled by billionaire John Fredriksen, fell 38 percent after warning its shareholders and bond investors they can expect steep losses in a debt restructuring process that was extended once again. The stock slumped 5.28 kroner to close at 8.69 kroner in Oslo on Tuesday, the lowest since it was … [Read more...]
Billionaire Fredriksen Buys ‘West Mira’ Rig, Ending Hyundai Dispute
OSLO, March 13 (Reuters) - Billionaire investor John Fredriksen has agreed to buy an oil drilling vessel from South Korean shipyard Hyundai Samho Heavy Industries, ending a lengthy dispute, rig company Seadrill said on Monday. Fredriksen will buy the "West Mira" through privately held investment firm Seatankers, and not through Seadrill which is undergoing a $14 billion … [Read more...]
Seadrill at Risk for Chapter 11 Bankruptcy
By Gwladys Fouche and Ole Petter Skonnord OSLO, Feb 28 (Reuters) - Rig firm Seadrill, battling with $14 billion in debt and liabilities, said on Tuesday it may have to file for Chapter 11 bankruptcy protection if it fails to reach a restructuring agreement with its lenders, sending its shares down 14 percent. Once the crown jewel in the empire of shipping tycoon John … [Read more...]
Seadrill Seeks Minimum $1 Billion Lifeline as Debt Deal Delayed Again
By Gwladys Fouche and Joachim Dagenborg OSLO, Jan 31 (Reuters) - Oil rig firm Seadrill is looking to raise at least $1 billion in new capital as it warned talks to restructure debt and liabilities worth $14 billion are taking longer than expected, wiping a quarter off its market value. Once the crown jewel in the empire of shipping tycoon John Fredriksen, Oslo-listed … [Read more...]