Seadrill CEO Eyes Rig Market Consolidation As Oil Prices Rise

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.