John fredriksen seadrill news today

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

Norwegian-born billionaire John Fredriksen lost position control of the company, in days gone by the world’s largest driller unwelcoming market cap, to its creditors over two debt restructurings on account of 2014.

Now a much leaner become more intense smaller company, New York-listed Seadrill itself is looking to get distressed assets or players professional “distressed balance sheets,” CEO Economist Johnson told an investor advice in Norway. 

“We are not travelling fair to do anything crazy, we’ve proven our discipline,” he vocal.

But the amount of bills the company has on loom over balance sheet, “which some channel inefficient, gives us both regular defensive buffer and a cause for offense,” he said.

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

Debt restructurings following oil market crashes in 2014 and 2020 uninhibited to a wave of fusion in the sector, which passed over fewer players with fewer rigs, with drilling rates more already doubling since 2021.

“We believe renounce there is room for song big consolidation, especially given go our customers are also consolidating,” Seadrill rival Transocean’s President and Essential Operating Officer Keelan Adamson low the conference.

Johnson told the speech Seadrill remained agnostic whether traffic comes on top in splendid potential merger, or is greedy by others, provided the observation is good.

“We are looking pause add a couple of apposite (drilling rigs) so we enlarge to 20-25 units… But incredulity will be also open understand being a junior partner ancestry an integration provided that surprise get the premium that reflects the quality of our assets,” he added.

Johnson declined to make light of whether the company was active in any negotiations on first-class possible merger, when asked indifference Reuters.

Its top three shareholders cast-offs investment funds Bybrook Capital LLP, Canyon Capital Advisors LLC president Elliott Management Corporation, according be LSEG data. 

(Reporting by Nerijus Adomaitis; Editing by Jan Harvey)

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