American mutual funds are scouring Europe for bargains, snapping up Dutch oil drillers, French drugmakers and Swiss food producers on speculation the region’s rally is just beginning as the U.S. bull market ages.
SapuraKencana Petroleum Bhd. advanced to a four-month high after agreeing to buy Newfield Exploration Co.’s stakes in offshore Malaysian fields for $898 million, helping send the country’s benchmark index to a record.
Seadrill Ltd., the offshore drilling company controlled by billionaire John Fredriksen, climbed in Oslo as investors bet payments to shareholders will increase when the company reports its first-quarter results tomorrow.
Archer Ltd rose to its highest price in almost six weeks in Oslo trading after the oilfield services provider named a new chief executive, which RS Platou Markets AS said raises the prospect of a profit improvement.
Seadrill Ltd., the second-largest owner of ultra-deepwater drilling rigs, gained the most in three months in Oslo after a report that Brazil’s Petroleo Brasileiro SA will resume talks with contractors about extending charters.
The flow of much of the world’s oil is controlled from a small suite of offices perched over a Tiffany & Co. store in the Chelsea section of London. That’s where John Fredriksen, a Norwegian shipping magnate worth $13.2 billion, manages the world’s largest fleet of supertankers, the most valuable deep-water drilling company and an armada of about 128 other vessels that carry minerals, grains and liquefied gases.