Monday, September 16, 2019

John Fredriksen News

Frontline buys 10 Tankers from Trafigura

Frontline will buy 10 Suezmax oil tankers from Trafigura in a cash and share deal worth up to $675 million, and may buy a further four vessels later, the two companies announced on Friday.The deal will allow Frontline, which is controlled by Nor

Seadrill Eyes Brighter Rig Market

(Photo: Seadrill)

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…

Seadrill CFO to Step Down in June

(Photo: Seadrill)

Norwegian offshore drilling rig firm Seadrill Ltd said on Thursday that Chief Financial Officer Mark Morris will step down following completion of the company's financial restructuring.The company…

LNG Shipping Market in Recovery Stage: Flex LNG

Image: Flex LNG

Norwegian-born billionaire John Fredriksen-owned LNG shipper Flex LNG believes that the LNG market is in the early stages of a multi-year recovery.According to a report by Flex LNG, the market for…

Borr Drilling Aims to Start Paying Dividends by 2020

© bomboman / Adobe Stock

Drilling rig contractor Borr Drilling aims to start paying dividends by 2020, the company's founder and chairman, Tor Olav Troeim, said on Wednesday.Troeim, a former business partner of Norwegian billionaire John Fredriksen…

Seadrill Suggests Consolidation for Drilling Market Recovery

Seadrill CEO, Anton Dibowitz (Photo:Seadrill)

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…

Seadrill Exits Chapter 11

File Image: Credit Seadrill

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. The company, once…

Flex LNG Steers Away From Floating Units as Challenges Emerge

Image Source: Gazprom’s Kaliningrad FSRU (MARSHAL VASILEVSKIY) (Flex LNG)

Flex LNG, a liquefied natural gas shipping company and part of the nautical empire of Norwegian billionaire John Fredriksen, has dropped its interest in operating floating regasification units due to project failures and low returns.

US Court Approves Seadrill's Bankruptcy Exit Plan

(Photo: Seadrill)

A U.S. judge said on Tuesday he would approve Seadrill Ltd's plan to exit its Chapter 11 bankruptcy, in which the global offshore oil and gas drilling company would shed billions of dollars of debt and raise $1 billion in new investment. U.S.

Seadrill, Creditors Reach Joint Restructuring Deal

(Photo: Seadrill)

Shipping tycoon John Fredriksen has reached an agreement with a majority of creditors over a restructuring plan for oil rig firm Seadrill, according to U.S. court documents on Monday. The company,…

Seadrill Rises as Creditors Reach Joint Restructuring Deal

(Photo: Seadrill)

U.S.-listed shares of oil rig firm Seadrill are up 10 percent at 28 cents in early trade. Seadrill, controlled by John Fredriksen, has reached an agreement with a majority of creditors over a restructuring plan according to U.S. court documents.

Fredriksen's Seadrill Stake Could be Cut with Restructuring

Shipping tycoon John Fredriksen will be allowed to cut his ownership in rig firm Seadrill to five percent over three years from a present stake of 24 percent, according to a debt restructuring deal with banks and other creditors.

Borr Drilling Buys Paragon Offshore

© Lukasz Z / Adobe Stock

Offshore rig firm Borr Drilling, controlled by Norwegian investor Tor Olav Troeim, is proposing to buy its rival Paragon Offshore for $232.5 million in a push to consolidate the fragmented rig market, it said on Thursday.

Seadrill Close to Restructuring Deal with Bondholders

Photo: Seadrill

Seadrill's main owner, billionaire John Fredriksen, is close to a deal with unsecured bondholders and South Korean shipyards on a restructuring plan for the rig operator, sources familiar with the talks said on Thursday.

Seadrill Nears Comprehensive Restructuring Deal

(File photo: Seadrill)

Rig firm Seadrill, which last year filed for bankruptcy protection in a U.S. court, is working towards a comprehensive deal with all its creditors that could be concluded this week, it said in a court filing late on Friday.

Seadrill Postpones Restructuring Hearing

File Image: A Seadrill offshore rig (CREDIT: Seadrill)

Drilling rig company Seadrill said in a court filing it postponed an initial hearing on its restructuring plan to Feb. 26, buying more time to consider alternative plans. Seadrill, one of the world's largest offshore drilling rig operators…

Seadrill Postpones Court Hearing for Restructuring Talks

(Photo: Seadrill)

Drilling rig company Seadrill said in a court filing it postponed an initial hearing on its restructuring plan to Feb. 7, which sources told Reuters will give the company more time to consider alternative restructuring plans.

Seadrill Bondholders Post Cash Deposit for Rival Restructuring

(Photo: Seadrill)

Owners of unsecured bonds in rig firm Seadrill have posted a cash deposit to back an alternative financial restructuring, paving the way for talks with the drilling operator over its future, the two sides said on Monday.

Seadrill Receiving Rival Bids for Debt Restructuring

(Photo: Seadrill)

Drilling rig firm Seadrill confirmed on Wednesday it had received two rival bids for its debt restructuring from unsecured bondholders. The company, which filed for Chapter 11 restructuring in a U.S. court on Sept.

Seadrill Bondholders Propose Alternative Debt Restructuring

(Photo: Seadrill)

An unofficial committee of Seadrill's unsecured bondholders has submitted a binding alternative proposal for the company's restructuring, two sources familiar with the proposal told Reuters on Tuesday.