Shipping tycoon John Fredriksen has increased his ownership interest in the offshore drilling giant Valaris. Famatown Finance, a company indirectly controlled by trusts settled by Fredriksen and a Seatankers member, has accumulated around 9.4% of the common shares of the New York-listed rig company through open market transactions. Fredriksen first revealed his interest in Valaris in late 2021, taking a 5% stake, which secured him group observer status on the company’s board but also gave him the option to a permanent board seat if he further increased his ownership. Since then, he has bought up in several rounds, with the latest purchases adding a total of 724,000 shares at prices between $54.5 and $45.99. He currently holds just under $6.7m of Valaris’ shares, worth around $310m. Former chief executive of Fredriksen-established offshore rig player Seadrill, Anton Dibowitz leads Valaris. The company said its third-quarter net income decreased to $63m compared with $151m in the second quarter of the year. Valaris stock fell over 36% in the last six months and currently stands at about $46.3. Citi recently lowered its price target on the driller to $58 from $71 but kept a buy rating on the shares. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsFredriksen Group Norway United Kingdom United States