CEO on past drilling mergers: "A pure catastrophe"

Odfjell Drilling is prepared to participate in a large-scale consolidation wave of the hard-strained drilling sector. But there is one major bump in the road. "The consolidation we've seen so far has been a pure catastrophe for shareholders," CEO tells ShippingWatch.

Simen Lieungh is CEO Odfjell Drilling, with harsh environment rigs operating in the North Sea and off the coast of Africa. Photo: Odfjell Drilling

Norway's Odfjell Drilling is ready for a much-anticipated merger wave in the hard-strained drilling sector. A process in which the company could end up as an acquisition target.

The company's fleet of five rigs could well be expanded in the future to around eight to ten harsh environment rigs, and this either through the acquisition of individual vessels or companies, says CEO Simen Lieungh in an interview with ShippingWatch.

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