Offshore drilling contractor Seadrill is considering to sell their non-core assets which include its 15.7% stake in oil service firm Archer. This is to reduce their liabilities, according to the firm’s chief financial officer.
Controlled by Norwegian billionaire John Fredriksen, Seadrill emerged from the U.S. Chapter 11 bankruptcy proceedings last year. In order to repay their remaining debts and liabilities, the company is betting on the offshore oil market’s recovery.
Source: Oil and Gas People