Offshore rig owner Seadrill is prepared to make acquisitions if opportunities arise amid ongoing consolidation in the industry, the company's chief executive told Reuters on Sept. 12.
Competitor Transocean on Sept. 4 announced it was buying deepwater driller Ocean Rig for $2.7 billion, its second major deal this year as companies position themselves for an upturn in exploration amid rising oil prices.
"Based on the number of conversations, I believe there will be more deals... There is still a significant amount of fleet renewal that needs to happen among our competitors," Seadrill CEO Anton Dibowitz told Reuters in an interview.
While Seadrill is comfortable with the current size and composition of its fleet, it also eyes consolidation, he added.
"We have a history of doing transactions, and we are certainly not going to sit on our hands," Dibowitz said.
After emerging from U.S. Chapter 11 bankruptcy protection in July, Seadrill remains a key component of the business empire of Norwegian-born billionaire John Fredriksen, who holds a stake of about 30%.
"We have an active and involved anchor shareholder and it's certainly in our DNA," Dibowitz said when asked about potential acquisitions.
Oil major Exxon Mobil said Jan. 31 it would create three new separate E&P companies, effective April 1, in an effort to double its profit by 2025.
Colombia’s state-run oil company Ecopetrol SA is looking to spend $500 million in exploring unconventional deposits over the next three years, its CEO said on March 5, starting with pilot programs in the Magdalena Medio region.
British oilfield services group Wood Plc expects a jump in core earnings this year, it said on Dec. 12, while staying cautious about the outlook for further contract awards as its oil-producing clients battle volatile commodity prices.