In an interview with Norwegian newspaper Dagens Næringsliv, John Fredriksen, chairman of near bankrupt Seadrill, admitted he did not see the fall in oil prices coming. Seadrill’s share price has nosedived dramatically this week on Chapter 11 fears. The rig firm, in which Fredriksen, 72, is the largest shareholder, has been in a very tricky restructuring, something the shipping magnate described earlier this year as the most complex he’d seen is in his whole career.
Fredriksen told Dagens Næringsliv Seadrill’s financial set up was not prepared to withstand a sustained period of low oil prices. He vowed however to seek a solution for the troubled drilling unit.
“I work about 18 hours a day and will work day and night for the next three to four weeks. I have not one single minute to waste,” Fredriksen said.
Earlier this week, Seadrill warned shareholders are likely to receive minimal recovery for their existing shares in any restructuring.