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.
|October, 15, 12:30:00|
|October, 15, 12:25:00|
|October, 15, 12:20:00|
|October, 15, 12:15:00|
|October, 15, 12:10:00|
|October, 15, 12:05:00|
GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.