Drilling giant Seadrill has tightened its grip on Sevan Drilling after confirming it would now run rig management for Sevan.
Seadrill, which owns a 50.11% stake in Sevan, had been rebuffed in a bid to take full control of the firm by shareholders earlier this year.
But Sevan has confirmed rig management of its fleet had been outsourced to the John Fredriksen-owned drilling giant.
“We have strong belief in the design and operations of our rigs and now with the assistance of Seadrill we have a much more stable financial basis as well a strong operating organization to deliver the full value of the company,” said chief executive Scott Kerr.
The agreement will now see Seadrill provide management for the operation of Sevan Driller, Sevan Brasil, Sevan Louisiana and the under-construction Sevan Drilling Rig 4.
It will also take responsibility for preparing, marketing and mobilizing all the company’s rigs, as well as providing construction support.
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