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Saturday, October 21, 2017

Billionaire Fredriksen Commits to Seadrill

Posted by September 19, 2014

John Fredriksen

John Fredriksen

Shipping billionaire John Fredriksen reaffirmed on Friday its commitment to Seadrill, the world's largest rig company by market capitalisation, whose shares have fallen a quarter in value since the beginning of the year.

"I consider my stake in Seadrill a long term investment and investors can rest assured that no divestment is considered for foreseeable future," Fredriksen said in a statement.

Separately, Seadrill said Fredriksen's long-time collaborator Tor Olav Troeim will not seek re-election to the company's board.

"Tor Olav Troeim has decided not to stand for re-election to the Board of Directors in order to focus his efforts on developing (liquefied natural gas shipping firm) Golar LNG ," Seadrill said in a statement.

 

Reporting by Gwladys Fouche

Golar LNGSeadrill ShippingFredriksen Commits