Fredriksen Is Back in Rigs After $5 Billion Vanished in Seadrill

Fredriksen played key role in painful Seadrill restructuring
Remains biggest owner, looks at cheap rigs on the side

Seadrill Ltd. signage is displayed on a monitor on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, April 21, 2017. U.S. stocks fluctuated, while Treasuries climbed as markets struck a cautious tone ahead France's presidential election.Photographer: Michael Nagle/Bloomberg

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By Mikael Holter

July 6, 2018 at 3:00 AM UTC

Updated on

July 6, 2018 at 2:05 PM UTC

This article is for subscribers only.

John Fredriksen’s stake in Seadrill Ltd., once worth more than $5 billion, was virtually wiped out in the oil-market crash.

Now, the Norwegian-born shipping tycoon is placing a new wager on offshore drilling after overcoming a bondholder rebellion and pushing through the most complicated restructuring ever for the industry.