Fredriksen chases distressed rig newbuilds

Fredriksen chases distressed rig newbuilds

John Fredriksen is seeking to acquire distressed rig newbuilds under the wing of a new company called Sandbox. Just like he did in 2012 when the tanker markets collapsed, Fredriksen is looking to snap up cheap offshore infrastructure.

“We have decided to establish a new company which will buy jackups and floating rigs when others have to throw in their cards,” Fredriksen told Norway’s Dagens Naeringsliv. “The Sandbox plan is to build a portfolio of newer drilling vessels, which are about to be completed at shipyards.”

“An interesting move since it would be in direct competition with his own drilling company Seadrill,” commented Icarus Consultants.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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