Seadrill Chairman John Fredriksen, the oil rig firm’s top shareholder, is stepping down with immediate effect, the company said on Thursday, as it holds discussions with lenders about restructuring its massive debts, Reuters reported. The 75-year-old billionaire investor, who said his support for the company remained unchanged, will be replaced by Glen Ole Roedland, who has worked in shipping, oil, gas and other industries, Seadrill said. The company, which is listed in Oslo and New York, only emerged from U.S.
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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, Bloomberg News reported. The offshore rig market recovery is “not happening fast enough” for Seadrill, Carnegie said in a note to clients on Monday. The investment bank cut its recommendation from a buy and lowered the target price to 25 kroner from 210 kroner.
Seadrill’s core earnings for the fourth quarter exceeded the company’s own guidance, boosted by lower costs and one-off items, while the market outlook for drilling rigs was improving, the Oslo and New York-listed firm said on Tuesday. The company, controlled by Norwegian-born billionaire John Fredriksen, reported $73 million in quarterly adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), more than double the $35 million forecast it made in November, Reuters reported.
Consolidation among smaller offshore oil rig companies would help to boost a recovery in the drilling market, the CEO of offshore rig firm Seadrill said on Tuesday, a day after it emerged from Chapter 11 bankruptcy proceedings, Reuters reported. Seadrill started trading new shares on the New York Stock Exchange on Tuesday and plans to list new shares on the Oslo Stock Exchange by end of July or beginning of August. Shares of Seadrill, controlled by Norwegian-born billionaire John Fredriksen, opened at $25 a share, but slid to $18 a share by 1508 GMT.
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Offshore drilling rig contractor Seadrill said on Monday it had successfully completed its reorganisation, emerging from a U.S. Chapter 11 bankruptcy process launched last September, Reuters reported. The company, once the world’s largest offshore driller by the market capitalisation, was forced to seek protection from creditors when it was unable to repay its debts amassed during boom years to buy new rigs. When oil prices fell in 2014, oil companies cancelled or postponed exploration plans to save cash which reduced demand for offshore drilling rigs.
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Offshore oil driller Seadrill plans to emerge from Chapter 11 bankruptcy in late June or early July to catch the rising wave of rig market activity, its chief executive told said on Wednesday. The company won U.S. court approval on Tuesday for its multi-billion dollar debt restructuring plan after reaching a deal with more than 40 banks, unsecured creditors and shipyards, Reuters reported. “The confirmation is the most significant milestone in the process, and now we need to implement the plan over 60 to 90 days.
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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 protection with debt and liabilities of over $10 billion last September after a sharp drop in oil prices in 2014 cut demand for rigs, Reuters reported.
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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 protection last September after a sharp drop in oil prices cut demand for rigs, Reuters reported.
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