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Seadrill rig market consolidation as oil prices rise - Mr Dibowitz

Logistic News - Published on Fri, 14 Sep 2018

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The company’s chief executive Mr Dibowitz told Reuters offshore rig owner Seadrill is prepared to make acquisitions if opportunities arise amid ongoing consolidation in the industry. Competitor Transocean on September 4 announced it was buying deepwater driller Ocean Rig for USD 2.7 billion, its second major deal this year as companies position themselves for an upturn in exploration amid rising oil prices. While Seadrill is comfortable with the current size and composition of its fleet, it also eyes consolidation.

Mr Dibowitz said that “We have a history of doing transactions, and we are certainly not going to sit on our hands,”.

After emerging from US Chapter 11 bankruptcy protection in July, Seadrill remains a key component of the business empire of Norwegian-born billionaire John Fredriksen, who holds a stake of about 30 percent.

Mr Dibowitz said when asked about potential acquisitions “We have an active and involved anchor shareholder and it’s certainly in our DNA.”

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Posted By : Nanda Koijam on Fri, 14 Sep 2018
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