Investor Tong Jinquan China has boosted its stake in offshore drilling contractor Seadrill Ltd. (SDRL), involving raised catapulting it beneficial owner of about 5.2 percent of the company.
Seadrill is majority owned by Norwegian oil tycoon John Fredriksen, which had increased its stake in the company to 23.9 percent in early December. In addition, another 23.9 percent of the total outstanding share is held by Hemen Holdings Ltd., an investment holding company based in Cyprus founded by Fredriksen.
Oil services stocks have been affected negatively by falling oil prices, which has resulted in suspensions and dividend cuts, impairment charges, and consolidation through mergers and acquisitions. Oil prices have stabilized near $ 53 after collapsing six years minimum of about $ 44 in January.
Seadrill shares also lost more than 40 percent of its value since late November, when the company completed its dividend to improve its balance sheet. The stock has fallen 70 percent since June 2014, when oil prices had peaked.
In a communication to the Oslo Stock Exchange, Seadrill Tong revealed that increased its stake in the company through the purchase of shares by the rich Source Holdings, Inc., Horizon Horizon Consortium Ltd. and starray Global Ltd., which are the 100 percent owned by Shanghai Summit Pte. Ltd., which is 100 percent owned by Tong.
Bermuda-based Seadrill Hamilton said Tong currently holds an aggregate of 25,620,000 shares as beneficial owner, being 5.20 percent of the issued share capital of the company.
On the NYSE, SEADRILL closed Monday's trading at $ 14.34, up 1.08 or 8.14% on a volume of 22.23 million shares. Stocks also closed in Oslo 100 NOK to SEK 4.70 or 4.93% on a volume of 3.77 million shares.