Today, we woke to the startling news that the captain of offshore stalwart Noble
The timing here is fairly interesting.
A "Bermudan" company named SeaDrill has muscled its way into the offshore business very quickly since its 2005 inception. At the helm is John Fredriksen, the same Norwegian billionaire behind tanker titan Frontline
SeaDrill and Noble first crossed paths when Fredriksen and company managed to snap up Smedvig from right under Noble's nose. At the time, Noble was more than twice SeaDrill's size. That gap has narrowed considerably, as SeaDrill has aggressively levered up and grown its fleet through both acquisitions and new builds.
Fast forward to Wednesday, when SeaDrill dismissed rumors that it's looking to merge with Awilco Offshore and Noble. The company's chief executive proclaimed the rumor "nonsense." To be certain, rumors about SeaDrill's next move are nothing new. Noble, Pride International
The departure of Mark Jackson, Noble's CEO and chairman, in such close proximity to this very public denial by SeaDrill is, as I said, fairly interesting. It's interesting enough that Noble shares have been bid up about 3% today. How often do you see that when a top executive unexpectedly resigns? The Transocean