Shipping tycoon John Fredriksen has increased his ownership interest in the offshore drilling giant Valaris.
Famatown Finance, a company indirectly controlled by trusts settled by Fredriksen and a member of the Seatankers, has accumulated through open market transactions around 6.2% of the common shares of the New York-listed rig company.
Fredriksen gained 5% of Valaris in early December through Famatown, which now holds around 4.6m common shares. The deal secured Fredriksen the group observer status on Valaris’ board but also gave him the option to a permanent board seat if he further increased his ownership interest in the company.
The Norwegian billionaire will also stay with Valaris’ rival Seadrill after it emerges from Chapter 11 this year through a loan of $50m, convertible into 5% of the new equity. Meanwhile, he has taken a step back from the OSV sector after recently dropping almost his entire stake in Solstad Offshore.