FREDRIKSEN BUING SEADRILL
Billionaire investor John Fredriksen is considering buying more shares in oil rig operator Seadrill after the stock's sharp fall this year, Norwegian business daily Finansavisen reported on Monday.
"Seadrill is the most important company in the John Fredriksen group," he told the paper." That's the company I will spend the most time and energy on in the time to come, and buying more shares is under consideration given the latest share price developments."
Seadrill, the world's biggest oil rig firm by market capitalisation, has struggled this year and its shares are down 26 percent since the start of the year, underperforming a 5 percent rise on the European oil and gas index.
With oil companies reining in capital spending and dozens of new deepwater rigs entering the market, charter rates have dropped by more than a third and drilling executives expect the market to remain difficult for another two years.
Board member Tor Olav Troeim on Friday announced his abrupt resignation from the Seadrill board, just weeks after quitting his job as an executive of a Fredriksen holding company. He's also leaving the boards of Archer and Marine Harvest.
Troeim had said on July 29 that he would remain on the board of Seadrill and several other companies controlled by Fredriksen and did not explain why he has now decided to leave.
Fredriksen, originally from Norway but now living in London with a Cypriot passport, controls a plethora of companies, including shipping firms Frontline and Golden Ocean and fish farmer Marine Harvest.
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PLATTS - National Australia Bank announced Thursday it will no longer provide financing for new thermal coal projects.
Petrobras and ExxonMobil signed a memorandum of understanding regarding a strategic alliance to jointly identify and evaluate potential business opportunities.
ExxonMobil Development Africa B.V. has acquired a 25 percent indirect interest in Mozambique’s gas-rich Area 4 block from Eni and assume responsibility for midstream operations.
U.S. Rig Count is down 1 rig from last week to 930, with oil rigs down 4 to 747, gas rigs up 3 to 183, and miscellaneous rigs unchanged. Canada Rig Count is up 19 rigs from last week to 238, with oil rigs up 22 to 134 and gas rigs down 3 to 104.