Seadrill exploring opportunities to acquire assets and engage in mergers [Yahoo! Finance]
Seadrill Limited Common Shares (SDRL)
Last seadrill limited common shares earnings: 8/25 04:01 pm
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Source: Yahoo! Finance
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)." 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
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News
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