Seadrill

Markets

Seadrill stock rises on speculation of bailout

Offshore drilling firm Seadrill rose the most in more than seven years as investors covered short bets after the company’s main owner, billionaire John Fredriksen, freed up $510 million in cash, fueling speculation of a bailout.

Oil & Gas

Seadrill to sell West Polaris drillship

Offshore drilling company Seadrill Limited is to sell its West Polaris drillship to a subsidiary within the next week. Seadrill Operating, which is 58% owned by Seadrill Limited, will acquire all of its owner's shares of Seadrill Polaris, the entity which owns the the drillship.

Markets

Seadrill posts better than expected first-quarter profits

Seadrill has posted better than expected first-quarter profits as cost cuts help during the oil price decline. The offshore driller, which is controlled by billionaire John Fredriksen, posted a net income of $427 million. Chief executive Per Wullf said: “Seadrill continues to be focused on operational excellence and financial flexibility in order to manage through this downturn and thrive when the market recovers.

Oil & Gas

Seadrill acquires new vessel

Seadrill has taken ownership of an ultra deepwater drillship in a $456million deal with Ship Finance. The West Polaris was acquired by Ship Finance in 2008 and chartered to Seadrill with purchase options commencing in 2012.