Tycoon Fredriksen’s Firms See Diverging Fortunes

West Gemini drillship. Photo credit: Seadrill

By Gwladys Fouche OSLO, Nov 24 (Reuters) - Firms in Norwegian-born billionaire John Fredriksen's empire saw contrasting fortunes on Tuesday, as rig firm Seadrill booked $1.8 billion in writedowns while tanker firm Frontline turned around its fortunes after years of turmoil. The shipping tycoon, nicknamed "Big Wolf" or "Big John" in the shipping industry, controls … [Read more...]

Seadrill Turns to Loss on $1.8 Billion Writedown

Seadrill Semi-Rig West Pegasus

By Mikael Holter (Bloomberg) -- Seadrill Ltd., the offshore driller controlled by billionaire John Fredriksen, reported its first quarterly loss since 2011 as a collapse in oil prices reduced demand for its rigs. The net loss of $1.83 billion came after the Hamilton, Bermuda-based company booked $1.8 billion in non-cash impairment charges to investments and goodwill, it … [Read more...]

Seadrill Hopes to See Market Turnaround in 2017

Seadrill Semi-Rig West Pegasus

  OSLO, Oct 8 (Reuters) - Offshore rig driller Seadrill is facing another two years in the doldrums but hopes the international rig market could turn around in 2017. Rig rates have more than halved since the peak two to three years ago and in several cases are now below breakeven costs. "2015 is gone, 2016 is ugly but what we see is that some oil companies are … [Read more...]

Maersk Anchor Handler Rescues Fallen Rig Hand from Seadrill’s West Hercules

Seadrill West Hercules

A rig worker assigned to the West Hercules, a semi-submersible drilling rig owned by Seadrill and on contract to Statoil, fell overboard this morning which the rig was operating approximately 500 kilometers east of St. John's, Newfoundland. According to a report by Canadian authorities, the person was recovered by the Fast Rescue Craft deployed from the nearby anchor handling … [Read more...]

Farstad Stacks Two, Seadrill Loses Huge BP Contract

west sirius drilling rig

Farstad Shipping's CEO Karl-Johan Bakken says today, "very demanding" conditions in the offshore market has forced his company to lay up two of their platform supply vessels and regretfully give notice to competent employees while new work is sought for the PSVs Far Server and Far Spica.  Bakken certainly isn't the only one making tough decisions these days as Hornbeck … [Read more...]

North Atlantic Drilling’s Deal with Rosneft Postponed Again

west alpha kara sea rosneft

OSLO, April 17 (Reuters) - North Atlantic Drilling, a subsidiary of offshore rig company Seadrill, has delayed closing a cooperation deal with Russia's Rosneft by two years and agreed to renegotiate the terms of the agreement, it said on Friday. Western sanctions against Russia, and Rosneft in particular, have raised concerns about the proposed $4.1 billion deal and have … [Read more...]