Seadrill (SDRL -4%) Chairman John Fredriksen cuts his stake in the rig operator to 23% from 28%,...

|By:, SA News Editor

Seadrill (SDRL -4%) Chairman John Fredriksen cuts his stake in the rig operator to 23% from 28%, netting 5.6B Norwegian kroner ($1B). Fredriksen plans to use the cash to buy more ships despite the glut in the market, and may be able to leverage the money to make $3B worth of acquisitions.