On news of the September ruling, Northern Drilling’s share price fell from 2.32 euro ($2.45) to 0.3 euro ($0.31). The company’s decision to appeal against the ruling triggered a further fall, to 0.13 euro ($0.14). It is down 94% on the month.
Frontline will use the cash from the share sale, plus various financing facilities, to buy 24 VLCCs from Euronav. The company said this was an “integrated solution to the strategic and structural deadlock”.
“We regret that we could not complete the merger as envisaged in July 2022, as that would have created the by far largest publicly listed tanker company,” said Frontline CEO Lars Barstad.
Shell has contracted Northern Ocean’s Deepsea Bollsta to carry out drilling offshore Namibia under a 12-month contract.
Frontline has struck a deal with Euronav for a potential merger, in an all share offer that would value each Euronav share at around $12.09.
NYSE-listed International Seaways has completed the sale of a 50% stake in two FSOs in Qatar to Euronav.
Seadrill is bringing in an entirely new board of directors, removing its existing slate, and picking a former Noble Corp. executive as chair.
Offshore contractor Seadrill Ltd., owned by billionaire John Fredriksen, is proposing a debt write-off of just over $4.8 billion, according to Finansavisen.
Billionaire John Fredriksen stepped down as chairman of Seadrill Ltd., the offshore-rig company he founded more than a decade ago and which is struggling with high debt amid a slow market recovery.
The Oslo Stock Exchange will admit the shares of a new offshore drilling contractor set up by billionaire John Fredriksen.