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Hedge fund Odey loads up on Seadrill as Fredriksen partners bail

Seadrill gets a new major shareholder as hedge fund Odey buys close to 12 million shares in the John Fredriksen-controlled rig operator.

Photo: PR/Seadrill

Hedge fund Odey Asset Management Group Ltd. loaded up on shares in Seadrill Ltd. just as the biggest investors who helped billionaire John Fredriksen refinance the company jumped ship.

The firm founded by Crispin Odey has become the offshore driller’s second-largest shareholder, amassing a stake about half as big as founder Fredriksen’s before what looks set to be another restructuring of the company’s heavy debt burden.

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