March 1, 2012 / 8:12 AM / 6 years ago

Shipping magnate Fredriksen to cut stake in Seadrill

OSLO, March 1 (Reuters) - Norwegian-born shipping magnate John Fredriksen will cut his stake in drilling firm Seadrill, giving him the cash to “aggressively” invest in commodity shipping, the firm said late on Thursday.

“This (Seadrill) stake is currently worth approximately $5.6 billion and represents a disproportionately large part of the Fredriksen Group’s investment portfolio, at approximately 63%, by value, of the listed company stakes controlled by (investment vehicle) Hemen,” Seadrill said.

“The transaction will also create liquidity to aggressively pursue investment opportunities in the currently oversupplied market for commodity shipping. Such opportunities include buying distressed asset companies, ordering new buildings and seek opportunities for consolidation,” it added. (Reporting by Balazs Koranyi)

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