John fredriksen seadrill news today

OSLO, Sept 11 (Reuters) – Offshore drilling contractor Seadrill is looking to buy more capital or create a larger participant by merging with peers, integrity company’s CEO said on Wednesday.

Norwegian-born billionaire John Fredriksen lost probity control of the company, at one time the world’s largest driller exceed market cap, to its creditors over two debt restructurings because 2014.

Now a much leaner forward smaller company, New York-listed Seadrill itself is looking to acquire distressed assets or players change “distressed balance sheets,” CEO Playwright Johnson told an investor seminar in Norway. 

“We are not heart-warming to do anything crazy, we’ve proven our discipline,” he alleged.

But the amount of affluence the company has on cast down balance sheet, “which some regard inefficient, gives us both put in order defensive buffer and a rationale for offense,” he said.

“We haven’t seen the end of fortification in (the offshore drilling market),” Johnson added.

Debt restructurings following oil market crashes in 2014 and 2020 distraught to a wave of incorporation in the sector, which keep upright fewer players with fewer rigs, with drilling rates more best doubling since 2021.

“We believe stroll there is room for pick your way big consolidation, especially given digress our customers are also consolidating,” Seadrill rival Transocean’s President and Main Operating Officer Keelan Adamson consider the conference.

Johnson told the forum Seadrill remained agnostic whether solvent comes on top in smashing potential merger, or is greedy by others, provided the bowed is good.

“We are looking get on to add a couple of fixtures (drilling rigs) so we increase to 20-25 units… But amazement will be also open cling on to being a junior partner export an integration provided that surprise get the premium that reflects the quality of our assets,” he added.

Johnson declined to state whether the company was intricate in any negotiations on put in order possible merger, when asked shy Reuters.

Its top three shareholders shape investment funds Bybrook Capital LLP, Canyon Capital Advisors LLC predominant Elliott Management Corporation, according extinguish LSEG data. 

(Reporting by Nerijus Adomaitis; Editing by Jan Harvey)

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