Billionaire Fredriksen builds new rig unit amid Seadrill woes

Oslo

BILLIONAIRE John Fredriksen, already involved in tough talks to restructure the debt of Seadrill Ltd, is planning to register a new offshore rig company this week as he seeks to take advantage of depressed prices for the giant machines.

Northern Drilling, which is purely an investment company and not a rig operator, will be registered on the Norwegian over-the-counter market - making shares available to securities dealers - and a full public listing on the Oslo stock exchange is planned for later this year, a source said on Friday. Mr Fredriksen has raised about US$230 million in capital for the company, about half of which he contributed himself, the source said.