Seadrill Eyes Brighter Rig Market
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 amortization (EBITDA), more than double the $35 million forecast it made in November.However…
Seadrill Suggests Consolidation for Drilling Market Recovery
On Tuesday, Seadrill CEO, Anton Dibowitz said consolidation of smaller offshore oil rig companies would help boost drilling market recovery in the drilling market. The statement comes a day the offshore rig firm emerged from Chapter 11 bankruptcy proceedings. Seadrill started trading new shares on the New York Stock Exchange and plans to list new shares on the Oslo Stock Exchange by end of July. Shares of Seadrill, controlled by Norwegian-born John Fredriksen, opened at $25 a share, but slid to $18 a share by 11:08am (ET).
Post-Bankruptcy, Seadrill Eyes Closer Oil Service Ties
Offshore oil driller Seadrill aims to expand relations with Schlumberger, the world's largest oil services firm, and other suppliers to the global oil and gas industry, its chief executive told Reuters on Wednesday. Seadrill plans to emerge from Chapter 11 bankruptcy proceedings in late June or early July, following a U.S. court's approval on Tuesday of its multi-billion dollar debt restructuring plan, CEO Anton Dibowitz said. "The confirmation is the most significant milestone in the process, and now we need to implement the plan over 60-90 days.
Seadrill to launch Chapter 11 Restructuring by Sept 12
Offshore drilling contractor Seadrill plans to launch a long-awaited Chapter 11 debt restructuring by Sept. 12, and aims to raise $1 billion in new capital, it said on Thursday. Once the biggest offshore rig firm by market value and the crown jewel of Norwegian billionaire John Fredriksen's business empire, Seadrill shares have plunged 99 percent from a 2013 peak as energy firms have slashed spending to cope with lower prices. The Chapter 11 process provides a company with protection from creditors while it seeks to renegotiate its debts and secure its future.
Seadrill Names Dibowitz CEO
Oslo-listed rig firm Seadrill named a new chief executive from within its own ranks on Wednesday and said its talks to restructure $14 billion of debt and liabilities had reached an advanced stage. Once the world's most valuable rig firm, Seadrill's business was hard hit when oil companies sharply cut investments and exploration in the wake of a 2014 crash in oil prices. Anton Dibowitz, current chief commercial officer, will take the top job from July 1, succeeding Per Wullf who will remain a board director, the company said. Dibowitz, a U.S.
