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Seadrill, which is listed on the New York Stock Exchange, recently streamlined its listings by delisting from the Oslo Stock Exchange. Credit: JHVEPhoto/Shutterstock.
Seadrill, an offshore drilling contractor, is actively seeking opportunities to expand through asset acquisitions or by merging with industry peers, reported Reuters, citing CEO Simon Johnson.
Following a period of financial restructuring, the company, once led by Norwegian-born billionaire John Fredriksen, is now under the control of its creditors.
With a more streamlined operation, Seadrill’s CEO has expressed interest in acquiring “distressed assets” or companies with “distressed balance sheets”.
He said: “We are not going to do anything crazy, we have proven our discipline.”
However, the amount of cash the company holds on its balance sheet, “which some consider inefficient, gives us both a defensive buffer and a basis for offence”, Johnson added.
“We have not seen the end of consolidation in (the offshore drilling market).”
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At an investor conference in Norway, Johnson indicated that Seadrill is open to various merger possibilities, whether it leads the consolidation or is acquired, as long as the terms are favourable.
“We are looking to add a couple of units (drilling rigs) so we grow to 20–25 units… but we will be also open to being a junior partner in an integration provided that we get the premium that reflects the quality of our assets,” Johnson added.
However, he declined to comment on any ongoing merger discussions when prompted by Reuters.
The offshore drilling sector has seen consolidation following market downturns in 2014 and 2020, resulting in fewer rigs and operators.
This has led to drilling rates more than doubling since 2021.
Seadrill, which is listed on the New York Stock Exchange, recently streamlined its listings by delisting from the Oslo Stock Exchange, a move aimed at simplifying its business structure.
In a recent transaction, Seadrill completed the sale of three jack-up rigs and its 50% equity interest in a joint venture operating these rigs to Gulf Drilling International.
The deal, which involved the West Castor, West Telesto and West Tucana rigs offshore Qatar, resulted in cash proceeds of $338m (£258.89m) for Seadrill.
The company’s top three shareholders are investment funds Bybrook Capital, Canyon Capital Advisors and Elliott Management Corporation, as per London Stock Exchange Group data.
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