Fredriksen set to go shopping with $1 billion from Seadrill shares sale

John Fredriksen has cashed in $1 billion of his stake in offshore driller Seadrill. Mr. Fredriksen’s Hemen Holdings said the sale will allow the Fredriksen Group to have a slightly more diversified investment portfolio, and “will also create liquidity to aggressively pursue investment opportunities in the currently oversupplied market for commodity shipping. Such opportunities include buying distressed asset companies, ordering new buildings and seeking opportunities for consolidation.”

Today Seadrill said that Hemen Holding has sold 24 million shares and 24 million seller put options in the company at a combined purchase price of NOK 236.3176 per share and seller put option, and had reduced its holding of shares from 28 percent to 23 percent of the company’s issued and outstanding share capital.

Hemen has entered into a lock up where it has agreed not to sell further shares in Seadrill for a period of one year.

Seadrill says Mr. Fredriksen will remain Chairman of Seadrill and is committed to the successful development of Seadrill over the long term.

March 1, 2012