Seadrill shares rocketed Tuesday after reports that Norwegian shipping tycoon John Fredriksen is willing to inject $1.2bn into the drilling contractor.
The stock jumped 28.2% to reach $2.77 in early-afternoon trading on the New York Stock Exchange, while the driller’s Oslo shares were up 22.5% to reach NOK 21.75 ($2.72) at the closing bell.
The jump came after Bloomberg reported that Fredriksen, the company’s largest shareholder, could lend the company cash as part of a deal with banks and bondholders to restructure Seadrill, which is facing a slumping offshore oil market.
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