Billionaire Fredriksen Boosts Seadrill Stake After Shares Drop
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Billionaire John Fredriksen boosted his stake in rig company Seadrill Ltd. after the stock dropped on a market downturn, a longtime adviser left, and amid uncertainty over a Russian deal.
Fredriksen’s Hemen Holding Ltd. yesterday bought 2 million shares in the world’s biggest offshore-rig company by market value, boosting its stake to 115.1 million shares, or 23.34 percent of the total, Seadrill said in a statement. At yesterday’s closing price in New York, the acquisition would have cost $56.8 million.