Rig operator Seadrill eyes assets amid downturn

Oslo

BILLIONAIRE John Fredriksen has sailed through troubled waters before. This time, he plans to make the most of a brutal downturn in offshore drilling amid a slump in oil prices and a glut of new rigs.

Seadrill Ltd said last month that the rig company 24 per cent owned by Mr Fredriksen is ready to acquire rivals or assets "when the time is right" and to emerge from the downturn stronger than before.

In the meantime, the company must weather the storm as oil majors slash investments, chief executive officer Per Wullf said in an interview.

"If it takes a couple of years or even three years, this is manageable," he said at S…